ACT  OF  INCORPORATION, 


INSPECTION  REGULATIONS 


I Board  of  Trade  of  the  City  of  Chicago. 


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ACT  OF  INCORPORATION, 

EULES,  BY-LAWS 

AND 

INSPECTION  liEGDLATlONS 


OF  THE 


Board  of  Trade  of  the  City  of  Chicago. 


AS  ADOPTED  SEPTEMBER  25,  1875, 

AND  SUBSEQ.UENTLY  MODIFIED. 


CHICAGO: 

KNIGHT  & LEONARD,  PRINTERS. 
1877. 


$ 


INDEX. 


f 

r. 

I 


IN 

ii'f> 


Act  of  Incorporation,  - - 5 

Preamble, - 11 

Pule  I — Government  and  Elections,  - - - - 13 

Rule  II  — Duties  of  the  President,  - - - - 14 

Rule  III — Vice-Presidents  — Duties,  - - - - 15 

Rule  IY — Po^yers  and  Duties  of  the  Board  of  Directors,  16 
Rule  V — Duties  of  the  Secretary  and  Assistant  Sec- 
retary,   26 

Rule  VI  — Duties  of  the  Treasurer,  - - - - 28 

Rule  VII— Duration  of  Offices,  - - - - • 28 

Rule  VIII  — Committees  of  Arbitration  and  Appeals,-  28 

Rule  IX  — Special  Committees, 34 

Rule  X — Memberships, 34 

Rule  XI  — Clerks,  35 

Rule  XII — Visitors, - - - 36 

Rule  XIII  — Complimentary  Tickets,  - - - - 36 

Rule  XIV  — Brokers, -37 

Rule  XV — Annual  Meeting,  . _ . _ . 37 

Rule  XVI  — Special  Elections,  - - - - - 37 

Rule  XVII  — Annual  Assessment  — when  due,  - - 38 

Rule  XVIII  — Appropriateons. 38 


9661b- 


4 


lis-DEX. 


EuLE  XIX  — IliREGULAE  TrADIXG,  - - . _ 39 

Eule  XX  — Smoking  Prohibited,  - - - - - 39 

Eule  XXI  — Seal,  - - - 39 

Eule  XXII  — Quorum, _ 40 

Eule  XXIII  — Margins  on  Time  Contracts,  - - 40 

Eule  XXIV — Eegular  Deliveries,  - - - _ - 46 

Eule  XXV — Eights  of  Parties  on  Grain  Contracts,  47 
Eule  XXVI  — Failure  to  Deliver  or  Deceive  on  Con- 
tracts,   49 

Eule  XXVII  — Distilled  Spirits,  - - - - - 50 

Eule  XXVIII  — Provisions, 53 

Eule  XXIX  — Sale  of  Provisions,  - - - - - 54 

Eule  XXX  — Tares,  -------  go 

Eule  XXXI  — Eepeal,  -------  go 

BY-L4WS,  Eules  of  Order  and  Proceedings,  - - 61 

Eegulations  for  the  Inspection  of  Provisions,  - - 65 
Eequirements  as  to  Cut  and  Packing  of  Hog  Products,  69 

Barreled  Pork, 69 

Pickled  Meats,  - - 72 

Cut  Meats,  ----- 74 

Lard, 77 

Packages, 77 

Eegulations  for  the  Inspection  of  Flour,  - - 79 

Eegulations  for  the  Inspection  of  Hay,  - - - 83 


AK  ACT  TO  IlSTCOEPOEATE 

THE 

BOARD  OF  TRADE,  CHICAGO. 


Be  it  enacted  hy  the  People  of  the  State  of  Illinois, 
represented  in  the  General  Assembly : 

Section'  1.  That  the  persons  now  composing  the 
Board  of  Trade  of  tlie  City  of  Chicago,  are  hereby 
created  a body  politic  and  corporate,  under  the  name 
and  style  of  the  Board  oe  Trade  of  the  City  of  corporate  title. 
Chicago,”  and  by  that  name  may  sue  and  be  sued, 
implead  and  be  impleaded,  receive  and  hold  property 
and  effects,  real  and  personal,  by  gift,  devise  or  pur- 
chase, and  dispose  of  the  same  by  sale,  lease  or  other- 
wise ; said  property  so  held  not  to  exceed  at  any  time  Limit  of 

property. 

the  sum  of  two  hundred  thousand  dollars ; may  have 
a common  seal,  and  alter  the  same  from  time  to  time.  Seal, 
and  make  such  Enles,  Regulations  and  By-Laws  from  Power  to 

. , adopt  rules, 

time  to  time,  as  they  may  think  proper  or  necessary 
for  the  government  of  the  corporation  hereby  created, 
not  contrary  to  the  laws  of  the  land. 

Sec.  2.  That  the  Rules,  Regulations  and  By-Laws  Present  rules, 

regulations 

of  the  said  existing  Board  of  Trade  shall  be  the  Rales  and  by-iaws  to 
and  By-Laws  of  the  corporation  hereby  created,  until  changed, 
the  same  shall  be  regularly  repealed  or  altered ; and  that 
the  present  officers  of  said  Association  known  as  the 


6 


BOARD  OF  TRADE,  CHICAGO. 


Officerg. 


Rules, 
regulations 
and  by-laws 


Manner  of  bold- 
ing elections. 


Power  to  admit 
and  expel. 


“Board  of  Trade  of  the  City  of  Chicago,^’  shall  be  the 
officers  of  the  corporation  hereby  created,  until  their 
respective  offices  shall  regularly  expire,  or  be  vacated,  or 
until  the  election  of  new  officers  according  to  the  pro- 
visions hereof. 

Sec.  3.  The  officers  shall  consist  of  a President,  one 
or  more  Vice-Presidents,  and  such  other  officers  as  may 
be  determined  upon  by  the  Pules,  Regulations  or  By- 
Laws  of  said  corporation.  All  of  said  officers  shall 
respectively  hold  their  offices  for  the  length  of  time 
fixed  upon  by  the  Rules  and  Regulations  of  said  corpo- 
ration hereby  created,  and  until  their  successors  are 
elected  and  qualified. 

Sec.  4.  The  said  corporation  is  hereby  authorized  to 
establish  such  Rules,  Regulations  and  By-Laws  for  the 
management  of  their  business,  and  the  mode  in  which  it 
shall  be  transacted,  as  they  may  think  proper. 

Sec.  5.  The  time  and  manner  of  holding  elections  and 
making  appointments  of  such  officers  as  are  not  elected, 
shall  be  established  by  the  Rules,  Regulations  and  By- 
Laws  of  said  corporation. 

Sec.  6.  Said  corporation  shall  have  the  right  to  admit 
or  expel  such  persons  as  they  may  see  fit,  in  manner  to 
be  prescribed  by  the  Rales,  Regulations  and  By-Laws 
thereof. 


Committees.  Sec.  7.  Said  Corporation  may  constitute  and  appoint 
Committees  of  Reference  and  Arbitration,  and  Com- 
mittees of  Appeals,  who  shall  be  governed  by  such  rules 
and  regulations  as  may  be  prescribed  in  the  Rules,  Regu- 
lations or  By-Laws,  for  the  settlement  of  such  matters 


ACT  OF  II^COKPORATION. 


7 


of  difference  as  may  be  voluntarily  submitted  for  arbi- 
tration by  members  of  tlie  Association,  or  by  other  per- 
sons not  members  thereof,  the  acting  chairman  of  either 
of  said  committees,  when  sitting  as  arbitrators,  may 
administer  oaths  to  the  parties  and  witnesses,  and  issue 
subpoenas  and  attachments,  compelling  the  attendance 
of  witnesses,  the  same  as  justices  of  the  peace,  and  in  like 
manner,  directed  to  any  constable  to  execute. 

Sec.  8.  When  any  submission  shall  have  been  made  Executions 

upon  awards. 

in  writing,  and  a final  aw\ard  shall  have  been  rendered, 
and  no  ajopeal  taken  within  the  time  fixed  by  the  Rules 
or  By-Laws,  then,  on  filing  such  award  and  submission  . 
with  the  Clerk  of  the  Circuit  Court,  an  execution  may 
issue  upon  such  award  as  if  it  were  a judgment  ren- 
dered in  the  Circuit  Court,  and  such  award  shall  thence- 
forth have  the  force  and  effect  of  such  a judgment,  and 
shall  be  entered  upon  the  judgment  docket  of  said  court. 

Sec.  9.  It  shall  be  lawful  for  said  corporation,  when  Bonds, 
they  shall  think  proper,  to  receive  and  require  of  and 
from  their  officers,  whether  elected  or  appointed,  good 
and  sufficient  bonds  for  the  faithful  discharge  of  their 
duties  and  trusts;  and  the  President  or  Secretary  is  oaths  of  office, 
hereby  authorized  to  administer  such  oaths  of  office  as 
may  be  prescribed  in  the  By-Laws  or  Rules  of  said  cor- 
poration. Said  bonds  shall  be  made  payable  and  con- 
ditioned as  prescribed  by  the  Rules  or  By-Laws  of  said 
corporation,  and  may  be  sued  and  the  moneys  collected  suits  upon 
and  held  for  the  use  of  the  party  injured,  or  such  other 
use  as  may  be  determined  upon  by  said  corporation. 

Sec.  10.  Said  corporation  shall  have  power  to  appoint 


8 


BOARD  OF  TRADE,  CHICAGO. 


Inspectors, 
gaugers  and 
weighers. 


Certificates, 
evidence  of. 


one  or  more  persons,  as  they  may  see  fit,  to  examine, 
measure,  weigh,  gauge  or  inspect  flour,  grain,  provisions, 
liquor,  lumber,  or  any  other  articles  of  produce  or  traffic 
commonly  dealt  in  by  the  members  of  said  corporation ; 
and  the  certificate  of  such  person  or  inspector,  as  to  the 
or  quaiRy^^^^^  quantity  of  any  such  article,  or  their  brand  or 

mark  upon  it,  or  upon  any  package  containing  such 
article,  shall  be  evidence  between  buyer  and  seller,  of  the 
quantity,  grade  or  quality  of  the  same,  and  shall  be  bind- 
ing upon  the  member  of  said  corporation,  or  others  in- 
terested, and  requiring  or  assenting  to  the  employment 
of  such  weighers,  measurers,  gaugers  or  inspectors; 
Employment  of  nothing  herein  contained,  however,  shall  compel  the 

appointees  not  . 

obligatory.  employment,  by  any  one,  ot  any  such  appointee. 

Fines.  Seo.  11.  Said  corporation  may  inflict  fines  upon  any 

of  its  members,  and  collect  the  same,  for  breach  of  its 
Ellies,  Eegulations  or  By-Laws;  but  no  fine  shall  exceed 
five  dollars.  Such  fines  may  be  collected  by  action  of 
debt,  before  a justice  of  the  peace,  in  the  name  of  the 
corporation. 

Sec.  12.  Said  corporation  shall  have  no  power  or 
authority  to  do  or  carry  on  any  business,  excepting  such 
as  is  usual  in  the  management  of  boards  of  trade  or 
chambers  of  commerce,  or  as  provided  in  the  foregoing 
sections  of  this  bill. 

WM.  E.  MOEEISON, 

Speaker  of  the  House  of  Representatives. 

JOHN  WOOD, 

Speaker  of  the  Senate. 

Approved  February  18,  1859. 

WM.  H.  BISSELL. 


Shall  not 
exceed  five 
dollars. 


Limitation  of 
powers. 


i 


ACT  OF  IJ^COKPORATIO^^. 


9 


UNITED  STATES  OF  AMERICA,  ) 

STATE  OF  ILLIis'OIS.  j ' ‘ 

I,  0.  M.  Hatch,  Secretary  of  State  of  the  State  of  certificate. 
Illinois,  do  hereby  certify  that  the  foregoing  is  a true 
copy  of  an  enrolled  law  now  on  file  in  my  office. 

In  witness  whereof  I have  hereunto  set  my 
hand  and  affixed  the  Great  Seal  of  State,  at 
[seal]  Springfield,  this  seventh  day  of 

March,  A.D.  1859. 


0.  M.  HATCH, 

Secretary  of  State. 


I 


RULES,  BY-LAWS, 


AND 

INSPECTION  REGULATIONS 


OF  THE 

Board  of  Trade  of  the  Crri  of  Chicago. 


AS  ADOPTED  SEPTEMBER  25,  1815, 

AND  SUBSEQUENTLY  MODIFIED. 

OBJECTS. 

The  objects  of  the  Association  are:  To  maintain  a Preamble. 
Commercial  Exchange;  to  promote  uniformity  in  the 
customs  and  usages  of  merchants;  to  inculcate  princi- 
ples of  justice  and  equity  in  trade;  to  facilitate  the 
speedy  adjustment  of  business  disputes;  to  acquire  and 
to  disseminate  valuable  commercial  and  economic  infor- 
mation ; and  generally,  to  secure  to  its  members  the 
benefits  of  cooperation  in  the  furtherance  of  their  legit- 
imate pursuits. 

In  accordance  with  the  franchises  conferred  by  its 
Charter,  and  to  accomplish  the  objects  sought  by  the 
Association  in  its  organization, 

The  Board  of  Trade  of  the  City  of  Chicago 
has  adopted,  for  its  direction  and  government,  the  fol- 
lowing Rules,  By-Laws  and  Regulations. 


GENERAL  RULES. 


RULE  1. 

GOVERNMENT  AND  ELECTIONS. 

Section  1.  The  Government  of  the  Board  of  Trade  Government  of 

the  Association 

of  the  City  of  Chicago  is  hereby  vested  in  a President, vested, 
two  Vice-Presidents,  and  fifteen  Directors,  who,  collect- 
ively— including  the  President  and  Vice-Presidents  — 
shall  be  known  as  the  Board  of  Directors,  all  of  Board  of 

Directors  — 

whom  shall  have  been  members  of  the  Association  for 
at  least  one  year  next  preceding  their  election.  The 
President,  one  Vice-President,  and  five  Directors  shall 
be  elected  annually.  The  President  shall  hold  his  office 
for  the  term  of  one  year,  or  until  his  successor  is  elected 
and  qualified;  the  Vice-Presidents,  in  like  manner,  shall  Terms  of  office, 
hold  their  offices  for  the  term  of  two  years,  and  the  Di- 
rectors, in  like  manner,  for  the  term  of  three  years.  Ten 
members  of  the  Board  of  Directors  shall  constitute  a Quorum, 
quorum  for  the  transaction  of  business,  but  a less  num- 
ber may  adjourn  from  time  to  time  to  any  fixed  date 
preceding  the  next  regular  meeting  of  the  said  Board. 

Sec.  2.  There  shall  also  be  elected  by  the  members  of  committees  of 

Arbitration  and 

the  Association  a Committee  of  Arbitration  and  a Com-  Appeals, 
mittee  of  Appeals,  consisting  of  ten  members  each,  who 
shall  hold  their  respective  offices  for  the  period  of  two 


14 


BOARD  OF  TRADE,  CHICAGO. 


Qualifications. 


Annual 

election. 


Commence- 
ment of 
oflicial  term. 


Requirements 
of  an  election. 


Failure  to  .elect. 


Subsequent 

trials. 


Executive 

powers. 


To  act  as 
presiding 
officer. 


years.  Five  members  of  each  committee  shall  be  elected "" 
annually.  The  qualifications  for  election  to  either  of 
these  committees  shall  be  the  same  as  for  the  office  of 
Director.  No  person  shall,  at  the  same  time,  be  a mem- 
ber of  both  committees. 

Sec.  3.  The  annual  election  for  all  elective  officers  of 
the  Association  shall  be  held  in  the  Exchange  Hall  on 
the  first  Monday  after  the  second  day  of  January  in 
each  year,  between  the  hours  of  ten  o’clock  A.  M.  and 
four  o’clock  P.  M.,  and  all  voting  shall  be  by  ballot. 
The  official  term  of  all  officers  shall  commence  on  the 
Monday  succeeding  their  election. 

Sec.  4.  For  President  and  Vice-Presidents,  a major- 
ity of  all  the  votes  cast  shall  be  necessary  to  a choice ; 
but  for  all  other  elective  officers,  a plurality  shall  elect. 

Sec.  5.  In  case  of  failure  to  elect  any  officer  voted  for 
on  the  first  trial,  another  election,  in  like  manner,  shall 
be  held  on  the  succeeding  day,  and  if  there  shall  again 
be  a failure  to  elect,  then,  upon  a third  trial,  held  in  like 
manner,  on  the  day  following,  a plurality  shall  elect. 

PULE  II. 

• DUTIES  OF  THE  PRESIDENT. 

Section  1.  It  shall  be  the  duty  of  the  President  to 
act  as  the  general  executive  officer  of  the  Association 
and  of  the  Board  of  Directors ; to  preside  at  all  meet- 
ings of  the  Association  and  of  the  Board  of  Directors, 
and  to  direct  the  proceedings  of  each  in  accordance  with 
the  Pules,  By-Laws  and  Pules  of  Order  governing  the 


GEi^EKAL  RULES. 


15 


same:  to  call  special  meetings  of  the  Board  of  Directors  To  can  special 

meetings  — 

and  of  the  Association;  and  also,  upon  the  written  Jggociation^*^ 
quest  of  twenty-five  members,  to  call  special  meetings  of 
the  Association,  which  shall  be  done  by  causing  notice 
of  the  same  to  be  publicly  announced  on  ’Change;  Pro- 
vided, such  request  shall  state  the  object  for  which  such 
meeting  is  to  be  called,  and  it  shall  be  made  at  least 
three  business  days  preceding  the  said  meeting. 

Sec.  2.  It  shall  be  the  duty  of  the  President  to  pre- To  preserve 

order  in  the 

serve  order  and  proper  business  decorum  in  the  Ex- Exchange 
change  Eooms  of  the  Association  during  all  business 
hours;  and  in  case  any  member  or  other  person  shall  be  Penalty  for 

disorderly 

guilty  of  any  disorderly,  boisterous  or  ofiensive  conduct 
while  in  the  Exchange  Rooms,  he  shall  for  that  otfense 
be  suspended  from  the  privilege  of  admission  to  said 
rooms,  for  such  time  as  may  be  determined  by  the  Pres- 
ident, subject,  however,  to  appeal  to  the  Board  of  Di- 
rectors, but  pending  such  appeal  he  shall  remain  so  sus- 
pended if  the  President  shall  so  elect. 

' Sec.  3.  It  shall  be  the  duty  of  the  President  to  tern- power  to  mi 

, . vacancies  and 

porarily  fill  any  vacancy  which  may  occur  m any  ap- to  appoint 
pointive  office  of  the  Association,  and  to  appoint  all 
committees  whose  appointment  is  not  otherwise  pro- 
vided for. 


committees. 


RULE  III. 

vice-presidents  — DUTIES. 

Section  1.  The  Vice-President  serving  upon  the  last  First  and 

SGcon(i 

year  of  his  official  term  shall  be  the  first  Vice-President,  Presidents, 
and  the  Vice-President  serving  upon  the  first  year  of  his 


16 


BOARD  OF  TRADE,  CHICAGO.  . 


Respective 

duties. 


Business  and 
financial 
concei’ns  — 
how  managed. 


Appointment 
of  officers  and 
employes. 


Compensation 
of  oflicers  and 
appointees. 

Terms  of 
appointed 
officers. 


Appointments 

revocable. 


official  term  shall  be  the  second  Vice-President.  It 
shall  be  the  duty  of  the  Vice-Presidents,  respectively,  in 
this  order  to  perform  the  duties  of  the  President,  in 
case  of  his  absence  or  disability. 

EULE  IV. 

POWERS  AHD  DUTIES  OF  THE  BOARD  OF  DIRECTORS. 

Section  1.  All  the  business  and  financial  concerns  of 
the  Association  shall  be  managed  and  conducted  (in  ac- 
cordance with  the  Charter,  Eules,  Eegulations  and  By- 
Laws  of  the  Association)  by  or  under  the  direction  of 
the  Board  of  Directors. 

Sec.  2.  The  Board  of  Directors  shall,  on  the  Monday 
succeeding  each  annual  election,  or  as  soon  thereafter  as 
may  be  practicable,  appoint  a Secretary,  an  Assistant 
Secretary,  a Treasurer,  and  such  Inspectors,  Gaugers, 
Weighers,  Measurers,  and  other  officers,  clerks,  assist- 
ants and  employes  as  they  may  consider  necessary  for 
the  purposes  of  the  Association,  and  they  may  establish 
such  regulations  for  the  direction  and  government  of 
such  appointees  as  they  may  think  proper;  and  may  fix 
their  compensation,  and  determine  by  Avhom  the  same 
shall  be  paid.  The  term  of  office  of  all  such  appointees 
shall  commence  on  the  Monday  succeeding  their  ap- 
pointment, or  at  such  other  time  as  the  Board  of  Di- 
rectors may  designate,  and  shall  continue  for  one  year, 
or  until  their  successors  are  appointed  and  assume  their 
duties ; but  all  such  appointments  shall  be  revocable  at 
the  will  and  pleasure  of  the  said  Board. 


GENERAL  RULES. 


17 


Sec.  3.  The  Board  of  Directors  may  require  of  all  Oath  of  office, 
appointees  an  oath  to  well  and  faithfully  perform  all 
and  singular  the  duties  of  their  office,  and  a good  and  Bond, 
sufficient  bond  to  secure  such  performance. 

Sec.  4.  The  Board  of  Directors  shall  hold  stated  stated 

meetings  of 

meetings  every  Monday,  except  when  Monday  shall  fall  i>ii’ectois. 
upon  a legal  holiday,  in  which  case  the  meeting  for  that 
day  may  be  omitted. 

Sec.  5.  The  Board  of  Directors  shall  cause  to  be  an-  Announcement 

of  appoint- 

nounced  on  ’Change,  all  appointments  of  public  concern  ments  and 

° ^ ^ ^ -*•  revocatiofis. 

which  they  shall  make,  and  all  revocations  of  the  same ; 

and  at  every  annual  meeting  they  shall  make  a full  Annual  report 

of  receipts  and 

report  of  receipts  and  expenditures,  properly  classified,  expenditures, 
and  an  exhibit  of  the  financial  affairs,  property  and  gen- 
eral condition  of  the  Association.  They  shall,  previous  Assessments, 
to  the  annual  meeting  of  the  Association,  assess  on  each 
of  the  members  of  the  Association  a ])ro  rata  amount, 
which,  in  their  judgment,  will  be  sufficient,  in  the 
aggregate,  to  meet  all  estimated  expenditures  of  the 
Association  for  the  ensuing  fiscal  year,  and  they  shall, 
at  the  annual  meeting,  report  to  the  Association  the 
pro  rata  amount  thus  ^ssessed. 

Sec.  6.  The  Board  of  Directors  shall  provide  suitable  Rooms, 
and  convenient  Exchange,  Reading  and  other  necessary 
rooms  and  offices  for  the  purposes  of  the  Association, 
and  they  shall  cause  the  same  to  be  kept  in  a comfort- 
able, neat  and  orderly  condition.  They  shall,  on  all  Rooms  to  be 
business  days,  cause  the  rooms  to  be  open  for  the  ad- 
mission of  members  of  the  Association  from  9^^  o’clock 
A.  M.  to  1 o’clock  P.  M.,  and  from  2^  o’clock  P.  M.  to 


18 


BOARD  OF  TRADE,  CHICAGO. 


Closing  of 
rooms 

Saturday  p.  m. 

General 

Exchange. 


Power  to 
regulate  use  of 
rooms. 


Cause  for 
suspension. 


Applications 
for  reinstate- 
ment. 


Reinstatement 
of  members 


3^  o’clock  P.  M.,  except  on  Saturdays,  when  the  Ex- 
change Eoom  shall  not  be  opened  after  1 o’clock  P.  M. — 
From  11  o’clock  A.  M.  to  1 o’clock  P.  M.  the  main 
Exchange  Hall  shall  he  set  apart  and  devoted  to  the 
purposes  of  a G-exeral  Exchange.  They  shall  have 
power  to  make  all  needful  rules  and  regulations  in 
regard  to  the  use  of  such  rooms,  and  to  enforce  the 
same  by  the  necessary  penalties  or  discipline. 

Sec.  7.  When  any  member  of  the  Association  has 
failed  to  comply  promptly  with  the  terms  of  any  busi- 
ness contract  or  obligation,  and  has  failed  to  ecpiitably 
and  satisfactorily  adjust  and  settle  the  same;  or  when 
any  member  has  failed  to  promptly  comply  with  and 
fulfill  the  award  of  any  Committee  of  Arbitration  or 
Committee  of  Appeals,  made  in  conformity  with  the 
Rules,  Regulations,  and  By-Laws  of  the  Association,  he 
shall,  upon  admission  or  proof  of  such  delinquency, 
before  the  Board  of  Directors,  be  by  them  suspended 
from  all  privileges  of  the  Association  until  all  his  out- 
standing obligations  to  members  of  the  same  shall  have 
been  adjusted  and  settled,  when  he  may,  upon  applica- 
tion, be  reinstated.  Notice  of  all  applications  for  relief 
from  suspension,  under  the  provisions  of  this  section, 
shall  be  posted  upon  the  bulletin  of  the  Exchange,  for 
at  least  one  week  prior  to  the  hearing  of  any  such  appli- 
cation by  the  Board  of  Directors,  when,  if  no  further 
just  claims  shall  be  filed  against  the  said  applicant,  he 
may  be  so  reinstated ; and  if  the  Board  of  Directors 
shall  be  satisfied  that  such  failure  was  merely  from 
financial  inability  or  misfortune,  such  member,  having 


GENERAL  RULES. 


19 


so  adjusted  or  settled  such  outstaudiug  obligations,  shall 
be  reinstated,  and  such  reinstatement,  in  either  case, 
shall  thereafter  serve  as  a bar  to  any  further  discipline  a bar  to  further 

diBcipline. 

by  the  Association,  on  account  of  any  claims  maturing 
at  a date  prior  to  the  reinstatement  of  the  said  applicant. 

Sec.  8.  When  any  member  of  the  Association  shall  be  improper 

conduct. 

guilty  of  improper  conduct  of  a personal  character  in 
any  of  the  rooms  of  the  Association,  or  when  any  mem- 
ber shall  be  guilty  of  a willful  violation  of  any  business 
contract  or  obligation,  and  shall  neglect  or  refuse  to  Refusal  to 

adjust 

equitably  and  satisfactorily  adjust  and  settle  the  same ; contracts, 
or  when  any  member  shall  willfully  neglect  or  refuse  to  Refusal  to 

comply  with 

comply  promptly  with  the  award  of  any  Committee  of  awards. 
Arbitration  or  Committee  of  Appeals,  rendered  in  con- 
formity with  the  Eules,  Eegulations,  and  By-Laws  of 
the  Association;  or  when  any  member  shall  violate  any  violation  of 
of  the  Eules,  Eegulations  or  By-Laws  of  the  Associa- 
tion; or  when  any  member  shall  be  guilty  of  making  or  False  and 
reporting  any  false  or  fictitious  purchases  or  sales;  oi’ 

when  any  member  shall  be  guilty  of  any  act  of  bad  faith.  Dishonorable 

conduct. 

of  any  attempt  at  extortion,  or  of  any  other  dishonor- 
able or  dishonest  conduct;  he  shall  be  censured,  sus- Penalty, 
pended  or  expelled  by  the  Board  of  Directors,  as  they 
may  determine,  from  the  nature  and  gravity  of  the 

offense  committed.  A majority  of  a quorum  sitting  at  a vote  necessary 

to  convict. 

regular  or  adjourned  meeting  of  the  Board  of  Directors 
shall  be  necessary  to  censure  or  suspend,  and  an  affirm- 
ative vote  of  at  least  twelve  members  of  the  Board  of 
Directors  shall  be  necessary  to  expel. 

Sec.  9.  If,  during  the  progress  of  any  arbitration  or 


20 


BOARD  OF  TRADE,  CHICAGO. 


Charges  for 
establishing 
fictitious 
market. 


Penalty. 


Refusal  to 
appear  as  a 
witness. 


Or  to  answer 
questions. 


Punishment  for 
such  contempt. 


other  investigation  before  any  committee  of  the  Associ- 
ation, it  shall  appear  to  the  satisfaction  of  such  commit- 
tee that  any  member  of  the  Association  has  been  guilty 
of  attempting  to  establish  a fictitious  market,  as  a basis 
for  extorting  unreasonable  damages,  or  for  the  purpose 
of  avoiding  payment  of  just  obligations,  the  said  com- 
mittee shall  thereupon  make  formal  charges  to  that  ef- 
fect, against  the  member  thus  implicated,  to  the  Board 
of  Directors.  The  member  thus  charged  shall  be 
promptly  summoned  to  appear  before  the  Board  of  Di- 
rectors for  an  investigation  of  the  charge ; and  if  found 
guilty,  he  shall  be  expelled  from  the  Association,  if  so 
determined  by  an  affirmative  vote  of  at  least  twelve 
members  of  the  Board  of  Directors. 

Sec.  10.  In  any  investigation  or  trial  before  the 
Board  of  Directors,  or  before  any  other  duly  constituted 
committee  or  other  tribunal  of  the  Association,  if  any 
member,  who  shall  have  had  notice  from  the  Secretary, 
in  writing,  to  appear  and  testify  in  the  case ; or  if  any 
member  who  shall  have  been  cited  by  the  chairman  of 
any  duly  constituted  committee  or  other  tribunal  of  the 
Association  to  appear  and  testify,  shall  neglect  or  refuse 
to  so  appear  and  testify,  or,  if  testifying,  shall  refuse  to 
answer  any  question  which  may,  by  a majority  vote  of 
the  said  Board  of  Directors,  committee  or  other  tribu- 
nal, be  declared  proper  and  pertinent  to  the  case  in 
hearing,  he  shall  be  subject  to  suspension  by  the  said 
Board,  from  all  privileges  of  the  Association,  for  such 
period  as  said  Board  may  determine ; which  may  be 
done  by  said  Board  in  case  of  contempt  of  a witness  be- 


GENERAL  RULES. 


21 


fore  said  Board  of  Directors,  or  on  the  report  in  writing 
of  any  such  committee  or  other  tribunal,  in  case  the 
contempt  shall  occur  before  such  committee  or  other 
tribunal  of  the  Association.  It  is  hereby  provided  that  Privileged 

Answers. 

no  witness  shall  be  compelled  to  answer  any  question 
which  shall  criminate  himself;  nor  shall  any  testimony  irrelevant 

* testimony  not 

be  admitted  which,  in  the  opinion  of  the  committee  or  allowable, 
other  tribunal,  is  irrelevant  to  the  case  in  hearing. 

Sec.  11.  A member  suspended  for  misconduct  may  be  Reinstatement, 
reinstated  by  a majority  vote  of  a quorum  of  the  Board 
of  Directors. 

Sec.  12.  An  expelled  member  shall  not  be  readmitted  Expelled 

members  — 

to  membership  except  upon  payment  of  the  regular 
initiation  fee  and  annual  assessment,  and  upon  satisfac- 
tory evidence  that  he  is  a fit  person  for  membership  in 
the  Association,  and  then  only  upon  an  affirmative  vote 
of  at  least  tAvelve  members  of  the  Board  of  Directors ; 
provided  such  vote  shall  be  had  at  a regular  meeting  at 
least  one  week  succeeding  a motion  to  readmit. 

Sec.  13.  All  charges  made  to  the  Board  of  Directors  charges  to  be 
against  any  member  of  the  Association  for  any  default, 
misconduct  or  offense,  shall  be  in  writing,  and  shall 
state  the  default,  misconduct  or  offense  charged,  and  the  how  signed, 
same  shall  be  signed  by  one  or  more  members  of  the 
Association,  or  by  a business  firm,  one  or  more  of  whose 
members  shall  be  a member  of  the  Association. 

Sec.  14.  No  member  shall  be  censured,  suspended  or  Examination 

n T 1 1 • 1 • 1 charges. 

expelled  under  this  rule  without  an  examination  of  the 
charges  against  him  by  the  Board  of  Directors,  nor 
without  having  an  opportunity  to  be  heard  in  his  own 


22 


BOARD  OF  TRADE,  CHICAGO. 


Notice  of  trial. 


Copy  of 
charges. 


Sufficiency  of 
notice. 


Public  rumors 
or  reports  of 
grave  offenses 
of  members. 


Informal 
investigation 
by  Committee. 


Punishment,  if 
sustained. 


Professional 
counsel  not 
allowed. 


Discharge  in 
bankruptcy. 


defense.  No  examination  shall  take  place  until  notice 
has  been  served  on  the  accused  member,  accompanied 
by  a copy  of  the  charges  against  him,  in  writing.  Such 
notice  may  be  served  upon  the  accused  personally,  by 
the  Secretary  or  any  of  his  assistants,  or  it  may  be  left 
at  his  (the  accused’s)  ordinary  place  of  business;  in 
either  of  which  cases  the  notice  shall  be  considered  suf- 
ficient, and  the  examination  may  proceed  whether  the 
accused  is  present  or  not. 

Sec.  15.  It  shall  be  the  duty  of  the  Board  of  Direct- 
ors, in  case  any  grave  offense  committed  by  any  member 
against  the  good  name  or  dignity  of  the  Association 
shall  come  to  their  knowledge,  either  by  public  rumor, 
report  or  otherwise,  to  cause  a preliminary  or  informal 
investigation  to  be  made  by  a committee  of  their  num- 
ber into  the  truth  or  falsity  of  such  rumor  or  report ; 
and  if  the  said  committee,  after  investigation,  shall  deem 
any  member  guilty  of  such  offense  as  rumored  or  re- 
ported, they  shall  so  report  to  the  Board  of  Directors, 
with  charges;  whereupon  the  member  thus  imj)licated 
shall  be  notified  to  appear  before  the  Board  of  Directors 
in  manner  as  provided  by  Section  14  of  this  rule,  and,  if 
found  guilty,  the  said  member  shall  be  suspended  or  ex- 
pelled, as  hereinbefore  provided. 

Sec.  16.  In  investigations  before  the  Board  of  Direct- 
ors, or  before  any  committee  of  the  Association,  no  party 
shall  be  allowed  to  be  represented  by  professional  counsel. 

Sec.  17.  When  a member  against  whom  are  pending 
no  complaints  or  charges  preferred  by  a member  of  the 
Association,  or  who  is  not  under  sentence  of  suspension, 


GENERAL  RULES. 


23 


shall  have  been  duly  discharged  from  his  legal  responsi- 
bilities or  debts  by  a Court  of  Bankruptcy,  he  shall  not 
thereafter  be  liable  to  discipline  on  account  of  such  ob- 
ligations: Provided,  the  institution  of  proceedings  in  Proceedings  in 

bankruptcy. 

bankruptcy  shall  in  no  wise  affect  the  action  of  the 
Board  of  Directors  in  matters  of  discipline,  brought 
before  said  Board  before  a final  discharge  in  bankruptcy 
shall  have  been  granted;  nor  shall  a discharge  in  bank- subsequent 
ruptcy  affect  subsequent  proceedings,  in  the  way  of 
cipline,  before  said  Board,  for  immoral  or  dishonest 
transactions,  occurring  prior  to  said  discharge. 

Sec.  18.  It  shall  be  the  duty  of  the  Board  of  Direct-  standards  of 

grades. 

ors,  as  occasion  may  require,  to  fix  and  establish  stand- 
ards of  grades  or  qualities  for  Flour,  Grain,  Provisions, 

Liquors,  Lumber,  and  any  other  articles  or  commodities 
dealt  in  by  the  members  of  the  Association;  and  the 
certificate  of  any  Inspector,  Weigher,  Measurer,  or  certificates. 
Gauger,  appointed  by  the  said  Board,  as  to  the  quality 
or  quantity  of  any  such  articles,  or  his  brand  or  mark 
upon  it,  or  upon  any  package  containing  such  article, 
shall  be  evidence  between  buyer  and  seller  of  the  qual- 
ity, grade  or  quantity  of  the  same,  and  shall  be  binding 
upon  the  members  of  the  Association,  or  others  inter- 
ested or  requiring  or  assenting  to  the  employment  of 
such  Inspectors,  Gaugers,  Weighers  or  Measurers;  noth- inspection  not 
ing  herein  contained,  however,  shall  compel  the  employ- 
ment, by  any  one,  of  any  such  appointees. 

Sec.  19.  It  shall  be  the  duty  of  the  Board  of  Direct-  standing 

. . p • T • Committees. 

ors,  upon  the  nomination  of  the  President,  to  appoint 
such  Standing  Committees  from  their  own  number  as 


24 


BOARD  OF  TRADE,  CHICAGO. 


they  may  deem  necessary.  The  Inspection  Committees, 
for  the  purpose  of  having  the  proper  branches  of  trade 
represented,  may  be  selected  in  part  or  wholly  from  the 
other  members  of  the  Association.  All  such  commit- 
tees, however,  shall  be  fully  under  the  control  of  the 

Delegates  to  said  Board  of  Directors.  The  said  Board  of  Directors 

Xationai  Board. 

shall,  in  like  manner,  appoint  all  delegates  to  the  Na- 
tional Board  of  Trade,  and  all  representatives  to  other 
deliberative  gatherings  in  which  the  Association  may  he 
entitled  to  a voice,  and  to  which  it  may  desire  represen- 
tation ; and  such  delegates  and  representatives  may  be 
appointed  wholly  or  in  part  from  the  membership  of  the 
Association  not  members  of  the  Board  of  Directors. 

Sec.  20.  The  Board  of  Directors  may  employ  such 
legal  advice  and  assistance  as  they  may  deem  necessary 
for  the  purposes  of  the  Association. 

Sec.  21.  In  case  of  absence  or  disability  of  the  Presi- 
dent and  both  Vice-Presidents,  it  shall  be  the  duty  of 
the  Board  of  Directors  to  elect  from  their  number  a 
temporary  chairman,  who,  in  addition  to  his  duties  as 
Chairman  of  the  Board  of  Directors,  shall  also  tem- 
porarily perform  all  other  duties  devolving  upon  the 
President. 

Sec.  22.  The  Board  of  Directors  shall  have  power  to 

meetings  of  the 

Association  - call  Special  meetings  of  the  Association  upon  such  notice 

how  called.  i = 

and  for  such  purposes  as  they  may  deem  proper.  All 
calls  for  special  meetings  of  the  Association  shall  state 
the  specific  object  of  such  meetings,  and  no  other  busi- 
ness than  that  for  which  a special  meeting  was  called 
shall  be  considered  or  transacted  at  any  such  meeting. 


other  repre- 
.sentatives. 


Legal  advice. 


Absence  or 
disability  of 
presiding 
officers. 


Temporary 

chairman. 


Special 


GENERAL  RULES. 


25 


Sec.  23.  It  shall  be  the  duty  of  the  President,  prior  Tellers  of 

election. 

to  any  election  to  he  held  by  the  Association,  to  appoint 
a sufficient  number  of  tellers,  who  shall  have  charge  of  Duties, 
the  ballot  boxes  and  poll  lists  of  the  Association,  and 
who  shall  receive,  consecutively,  and  place  the  same  in 
the  ballot  box,  all  ballots  of  members  who  shall  he  in 
good  and  regular  standing,  who  shall  have  paid  all  dues 
and  assessments.  They  shall  keep  a record  of  all  mem- 
bers voting,  and  opposite  each  name  shall  place  the 
number  of  the  ballot  deposited  by  said  member.  Three  Quorum, 
of  the  tellers  shall  constitute  a quorum  for  receiving  and 
recording  the  votes.  No  ballot  box  shall  be  opened,  nor 
shall  any  votes  be  counted,  except  in  the  presence  of  at 
least  four  of  their  number.  They  shall  make  all  returns  Returns  in 

writing. 

in  writing  to  the  Secretary  of  the  Association,  duly 
signed  by  at  least  four  of  their  number,  and  the  Secre-  Preservation 

of  ballots. 

tary  shall  preserve  all  ballots  for  the  period  of  at  least 
two  months,  for  further  examination,  if  the  same  shall  May  be 

subsequently 

be  ordered  by  the  Board  of  Directors,  to  verify  the  cor-  examined, 
rectness  of  the  returns  of  said  tellers. 

Sec.  24.  In  case  any  member  of  that  body  shall  absent  Absence  of 
himself  from  six  consecutive  regular  meetings  of  the 
Board  of  Directors,  without  having  been  previously  ex- 
cused, or  without  communicating  to  the  President,  in 
writing,  a good  and  sufficient  excuse  for  his  absence,  or 
a resignation  of  his  office,  the  Board  of  Directors  shall  Forfeiture 

of  office  of 

have  power  to  declare  the  office  of  said  Director  vacant,  directors, 
and  to  immediately  order  a special  election  by  the  Asso- 
ciation to  fill  said  vacancy. 


26 


BOARD  OF  TRADE,  CHICAGO. 


Special 
meetings  of 
Directors. 


How  called. 


Sufficient 

notice. 


Records. 


Property. 


Statistics. 


Annual  report. 


Notice  to 
committees. 


Sec.  25.  Special  meetings  of  the  Board  of  Directors 
may  be  convened  by  order  of  the  President,  or  by  written 
request  of  any  five  members  of  the  said  Board,  addressed 
to  the  Secretary.  Such  meetings  may  be  called  by  pub- 
lic notice  announced  on  ’Change,  or  by  service  of  per- 
sonal or  written  notice  by  the  Secretary,  or  by  any  of  his 
assistants,  upon  the  members  of  the  said  Board.  A 
written  notice  left  at  the  usual  place  of  business  of  any 
member  of  the  said  Board  of  Directors  shall  be  a suffi- 
cient notice  in  case  of  meetings  called  by  service  of 
personal  or  written  notice. 

RULE  V. 

DUTIES  OP  THE  SECRETARY. 

Section  1.  The  Secretary,  under  the  direction  and 
control  of  the  Board  of  Directors,  shall  keep  a journal 
of  the  proceedings  of  the  Association  ; take  charge  of  the 
seal,  books,  papers,  and  property  belonging  to  the  Asso- 
ciation ; keep  an  account  of  the  imports  and  exports  of 
the  city;'  collect  and  record  valuable  statistical  informa- 
tion pertaining  to  the  commercial,  mercantile  and  manu- 
facturing interests  of  the  City  of  Chicago,  and  post  the 
same  on  ’Change,  daily;  and  on  or  about  the  first  of 
January  in  each  year  he  shall  make  to  the  Association  a 
full  report  of  the  business  of  the  city  for  the  preceding 
year,  ending  December  31st,  embracing  such  other  in- 
formation, in  his  possession,  as  may  be  of  interest  to  the 
members.  He  shall  furnish  to  the  chairman  of  every 
special  committee  a copy  of  the  resolutions  whereby  such 
committee  shall  have  been  appointed,  and  under  the 


GENERAL  RULES. 


27 


direction  of  the  President,  he  shall  give  notice  of  any 
meetings  of  the  Board  of  Directors  or  of  the  Association. 

He  shall  conduct  the  correspondence  of  the  Association,  correspond- 
and  read  such  records  or  papers  as  the  presiding  officer 
may  direct;  shall  attend  meetings  of  Committees  of  Attend 

meetings  of 

Arbitration  or  Appeals,  and  of  the  Board  of  Directors,  committees, 
and  keep  an  official  record  of  their  proceedings,  give- 
notice  when  their  services  are  required,  issue  the  neces- 
sary notices  and  papers  to  parties,  and  deliver  copies  of 
all  awards  or  findings.  He  shall  collect  all  moneys  due  Collections, 
to  the  Association  for  assessments,  fines,  fees  or  other- 
wise, and  pay  the  same  to  the  Treasurer;  shall  keep  his 
office  open  during  usual  business  hours,  shall  see  that 
the  rooms  and  property  of  the  Association  are  kept  in 
good  order,  and  shall  perform  such  other  duties  as  the  other  duties. 
Board  of  Directors  may  from  time  to  time  direct. 

Sec.  2.  It  shall  be  the  duty  of  the  Secretary  to  furnish  certificates  of 

appointment. 

to  all  Inspectors,  Gaugers,  Weighers  and  Measurers,  ap- 
pointed by  the  Board  of  Directors,  official  certificates  of 
their  appointment,  bearing  the  signatures  of  the  Presi- 
dent and  Secretary  and  the  seal  of  the  Association.  Such 
certificate  shall  specify  their  duty  and  the  time  for  which 
they  are  appointed,  and  also  that  such  appointments  are  Appointments 
revocable  at  the  will  and  pleasure  of  the  said  Board. 

DUTIES  or  THE  ASSISTANT  SECRETARY. 

Sec.  3.  The  Assistant  Secretary  shall  perform  such  To  assist  in 

performing  the 

duties  pertaining  to  the  office  of  the  Secretary  as  the 
Directors  or  the  Secretary  shall  order,  and  in  the  tem- 
porary absence  or  disability  of  the  Secretary  shall  per- 
form the  duties  of  the  Secretary. 


28 


BOARD  OF  TRADE,  CHICAGO. 


To  receive  all 
funds. 


(Quarterly  and 
anniial  reports. 


Books 

accessible  to 
Directors. 


Present  officers. 


New  officers. 


Duties  of 
Committee  of 
Arbitration. 


EULE  VI. 

DUTIES  OF  THE  TREASURER. 

Section  1.  The  Treasurer  shall  receive  from  the 
Secretary  all  funds  belonging  to  the  Association,  and 
shall  disburse  the  same  on  the  order  of  the  Secretary, 
countersigned  by  the  President;  he  shall  make  a quar- 
terly report  to  the  Board  of  Directors  in  April,  July, 
October  and  January,  and  a full  report  to  the  Associa- 
tion at  its  annual  meeting  in  January  of  each  year,  of 
all  receipts  and  disbursements  of  the  Association.  The 
accounts  of  the  Treasurer  shall  be  kept  in  books  belong- 
ing to  the  Association,  which  books  shall  be  at  all  times 
open  for  the  examination  of  the  Board  of  Directors  or 
any  committee  of  said  Board. 

RULE  VII. 

DURATION  OF  OFFICES. 

Section  1.  The  present  officers  of  the  Association 
shall  continue  in  their  respective  offices  during  the  term 
for  which  they  were  elected.  And  the  election  held  by 
the  Association  on  March  26,  1875,  for  five  directors  to 
serve  until  the  commencement  of  the  official  year  in 
1878,  is  hereby  ratified  and  confirmed. 

RULE  VIII. 

COMMITTEES  OF  ARBITRATION  AND  APPEALS. 

Section  1.  It  shall  be  the  duty  of  the  Committee  of 
Arbitration  to  hear  and  determine  all  cases  of  disputed 
claims  voluntarily  submitted  for  their  adjudication  by 


GEITERAL  RULES. 


29 


members  of  the  Association.  All  evidence  in  snch  cases 
shall  be  taken  under  oath  or  affirmation,  and  shall  be 
duly  recorded.  In  all  such  adjudications,  the  Committee  How  to 

construe  rules. 

shall  construe  all  Rules,  Regulations  and  By-Laws  of 
the  Association  as  being  designed  to  secure  justice  and 
equity  in  trade ; and  all  awards  or  findings  shall  be 
made  in  conformity  therewith,  and  in  accordance  with 
the  laws  of  the  land.  It  is  hereby  provided,  that  in  How  to 

determine 

determining  the  legitimate  value  of  property,  in  cases  of 
dispute,  its  value  in  other  markets,  or  for  manufacturing- 
purposes  in  this  market,  together  with  such  other  facts 
as  may  justly  enter  into  the  determination  of  its  true 
value,  shall  be  considered,  irrespective  of  any  fictitious 
price  it  may,  at  the  time,  be  selling  for  in  this  market. 

Provided,  that  in  case  of  default  on  contracts  for  future  Penalty, 
delivery,  if  it  shall  not  be  shown  that  the  seller  had  pro- 
vided by  a i^revious  purchase  of  the  property  for  delivery 
on  his  contract,  he  shall,  in  the  judgment  of  the  Com- 
mittee, be  liable  to  pay,  as  penalty  for  such  default,  dam- 
ages not  exceeding  five  (5)  per  cent  of  the  value  of  the 
property  sold. 

In  case  either  party  shall  so  demand,  by  previous  no-  stenographic 
tice  given  to  the  Secretary,  the  testimony  and  proceed- 
ings  of  the  Committee  of  Arbitration  shall  be  taken  by 
a stenographer,  the  cost  of  which  shall  be  assessed  by 
the  Committee  as  in  cases  of  other  costs  incurred. 

Sec.  2.  Any  award  or  finding  of  the  Committee  of  Appeal  to 
Arbitration  may  be  appealed  from,  and  the  case  may  be  Appe^if- 
carried  to  the  Committee  of  Appeals  for  revision;  Pro- 
vided, notice  of  such  appeal  shall  be  given  to  the  Secre- 


30 


BOAKD  OF  TKADE,  CHICAGO. 


/ 

tary,  in  writing,  within  two  business  days  after  such 
award  or  finding  shall  have  been  delivered  to  the  parties 
in  controversy. 

Committee  of  Sec.  3.  It  shall  he  the  duty  of  the  Committee  of  Ap- 

Appeals  — 

duties.  peals  to  review  such  cases  as  may  he  appealed  from  the 

Committee  of  Arbitration  and  formally  brought  before 
Its  awards  not  it,  and  its  awai’ds  or  findings  shall  be  final  and  binding, 

subject  to 

revision.  and  shall  not  be  subject  to  revision  by  any  other  tribunal 
Regularity.  of  the  Association ; Provided,  the  Board  of  Directors 
may  determine,  from  the  Eecord  and  other  evidence,  as 
to  the  proper  constitution  of  any  committee  and  as  to 
New  evidence,  the  regularity  of  its  proceedings.  The  said  Committee 
of  Appeals  shall  receive  such  new  evidence  as  may  be 
otfered  under  oath  or  affirmation ; and  if,  in  its  judg- 
Remanding  meiit,  evidence  is  produced  which  will  justify  a rehearing 
of  the  case  by  the  Committee  of  Arbitration,  it  shall 
remand  the  case  to  the  said  Committee  of  Arbitration 
Final  awards,  for  a iiew  trial.  Any  final  award  or  finding  of  the  Com- 
mittee of  Appeals  shall  be  based  on  the  record  of  the 
How  governed.  Committee  of  Arbitration,  and  shall  be  made  in  like 
manner  as  prescribed  by  Section  1 of  this  rule. 

Quorum.  Sec.  4.  Five  of  either  of  these  Committees  shall  be  a 

Number  neces-  quorum  for  the  transaction  of  business,  and  a majority 

sary  to  concur  ^ i i i • t 

in  an  award,  decision  of  such  quoruni  shall  be  binding. 

Awards— bow  Sec.  5.  The  Committee  of  Arbitration  and  the  Corn- 

rendered.  . n r*  T 

mittee  of  Appeals  shall  each  render  their  awards  or  find- 
ings in  writing,  through  the  Secretary  of  the  Association, 
When  made,  witliiii  two  busiiiess  days  after  their  decision  shall  have 
been  made.  Such  awards  or  findings  shall  be  signed  by 
the  Chairman  of  the  Committee,  and  shall  be  certified 


GENERAL  RULES. 


31 


by  the  Secretary,  under  the  Seal  of  the  Association. 

The  official  record  and  decisions  of  these  committees,  official  records 

open  to 

and  all  other  records  of  the  Association,  may  be  inspected  members, 
by  any  member  of  the  Association,  upon  application  to 
the  Secretary. 

Sec.  6.  When,  from  absence  or  disqualification  of  vacancies  — 

how  filled. 

regular  members,  either  the  Committee  of  Arbitration 
or  Appeals  cannot  be  formed,  the  parties  in*  controversy 
shall  be  allowed  to  fill  vacancies  with  any  jnember  or 
members  of  the  Association  willing  to  serve  (not  being 
of  the  other  Committee)  on  whom  they  may  agree;  or  if  Special 

Committees  of 

such  parties  are  unwilling  to  submit  their  case  to  the-^i’^’itration  — 

^ ^ bow  formed 

Committee  of  Arbitration,  they  may  choose  three  or 
more  members,  (willing  to  serve,  and  not  being  of  the 
Committee  of  Appeals,)  whom  they  may  agree  upon  ; 
such  agreement,  in  either  case,  to  be  communicated  to 
the  Secretary  in  writing,  signed  by  all  the  parties  in 
controversy.  A majority  award  or  finding  of  any  such 
Committee  shall  be  binding,  and  any  award  or  finding  of 
Committees  thus  formed  shall  be  made  under  the  same 
rules  and  shall  have  the  same  effect  as  if  made  by  the 
regular  Committees,  respectively. 

Sec.  7.  Before  entering  upon  the  duties  of  their  office 
the  members  of  any  Committee  of  Arbitration  or  Com- 
mittee of  Appeals  shall  be  required  to  take  or  subscribe 
to  the  following  oath  or  affirmation,  viz:  “You  do  oath  of 
solemnly  swear  (or  affirm)  that  you  respectively  will  S)Tmitteel 
faithfully  and  fairly  hear  and  examine  all  matters  of 
controversy  which  may  come  before  you  during  your 
tenure  of  office,  and  that  you  will  in  all  cases  make  just 


32 


BOARD  OF  TRADE,  CHICAGO. 


Administration 
of  oaths  to 
witnesses. 


Submissions— 
how  made. 


Agreement  to 
abide  by  award. 


Postponement 
of  trial. 


Triflingmatters 
not  to  be 
entertained. 


Fine  of 
members  of 
Committee. 


Fees. 


and  equitable  awards  or  findings  upon  the  same,  in  con- 
formity with  the  Rules,  Regulations,  and  By-Laws  of 
the  Association,  and  according  to  the  evidence,  to  the 
best  of  your  understanding;  so  help  you  God.” 

Sec.  8.  The  Chairman  or  Acting  Chairman  of  any 
Committee  of  Arbitration  or  Appeals  shall  have  power 
to  administer  suitable  oaths  to  the  parties  and  witnesses, 
and  to  issue  citations  to  witnesses. 

Sec.  9.  Parties  desiring  the  services  of  either  of  the 
foregoing  Committees  shall  notify  the  Secretary  to  that 
effect  in  writing,  and,  before  the  hearing  of  the  case, 
shall  file  an  agreement  with  him,  signed  by  the  parties 
to  the  controversy,  binding  themselves  to  abide,  perform 
and  fulfill  the  final  award  or  finding  which  shall  be 
made  touching  the  matter  submitted,  Avithout  recourse 
to  any  other  court  or  tribunal.  Neither  party  shall 
postpone  the  trial  of  a case  longer  than  ten  days  after  it 
has  been  submitted,  unless  good  cause  can  be  shoAvn 
therefor,  satisfactory  to  the  Committee.  Trifling  and 
unimportant  matters  shall  not  be  entertained  by  the 
Committee  of  Arbitration.  Any  member  of  a firm  may 
execute  said  agreement  on  behalf  of  such  firm. 

Sec.  10.  Members  of  the  Committees  of  Arbitration 
or  Appeals,  failing  to  attend  when  their  services  are 
required,  may  be  fined,  for  the  use  of  the  Association, 
three  dollars  for  each  default,  unless  a satisfactory  excuse 
shall  be  made  to  the  Committee. 

Sec.  11.  The  fees  for  arbitration,  under  the  Rules, 
By-Laws  and  Regulations  of  the  Association,  shall  be  as 
follows : 


GENERAL  RULES. 


33 


For  the  benefit  of  the  Committee,  for  each  case 
where  the  amount  in  controversy  shall  be  • 

under  1500  110  00 

For  the  benefit  of  the  Committee,  for  each  case 
where  the  amount  in  controversy  shall  be 

from  1500  to  $1,000  15  00 

For  the  benefit  of  the  Committee,  for  each  case 
where  the  amount  in  controversy  shall  be 

from  $1,000  to  $1,500 20  00 

For  the  benefit  of  the  Committee,  for  each  case 
where  the  amount  in  controversy  shall  be 

from  $1,500  to  $2,500  25  00 

For  the  benefit  of  the  Committee,  for  each  case 
where  the  amount  in  controversy  shall  be 
from  $2,500  upwards 50  00 

The  fees,  as  above,  shall  be  paid  in  advance,  to  the 
Secretary,  by  the  party  bringing  the  case. 

Sec.  12.  The  fees  of  the  Committee  of  Appeals  shall  Fees  on 

appeals. 

be  the  same  as  the  fees  in  the  same  case  before  the  Com- 
mittee of  Arbitration,  and  they  shall  be  paid  and  dis- 
posed of  in  the  same  manner. 

Sec.  13.  If  parties  to  a controversy  fail  to  appear  at  Failure  to 
the  time  set  for  trial,  or  request  a postponement,  they 
may  (if  the  case  is  postponed)  be  assessed  with  costs,  by  costs  for 
and  for  the  use  of  the  Committee,  in  any  sum,  in  the 
Committee’s  discretion,  not  exceeding  five  dollars.  The 
Committee,  however,  may  insist  that  the  trial  shall  take 
place  wfithout  postponement. 

Sec.  14.  When  neither  of  the  parties  in  the  contro-  Fees  on 

versy  is  a member  of  the  Association,  the  aforesaid  fees  non'^^mbeVs.^ 
3 


M 


Costs  to  be 
assessed  by 
Committee. 


Howappointed. 


Qualifications. 


Application. 


How  admitted. 


Initiation  fee. 


BOARD  OF  TRADE,  CHICAGO. 


may  be  doubled.  Fees,  and  all  additional  costs  that  may 
be  incurred  in  the  investigation  of  suits,  shall  be  finally 
paid  by  either  of  the  parties  in  the  case,  as  may  be 
decided  by  the  Committee  hearing  the  same,  and  shall 
be  included  in  their  award  or  finding. 

RULE  IX. 

SPECIAL  COMMITTEES. 

Section  1.  Special  Committees  may  be  appointed  by 
the  Association  or  by  the  Board  of  Directors,  to  such 
service  and  in  such  manner  as  they  may  see  fit,  and  it 
shall  be  the  duty  of  every  Committee  appointed  by  the 
Association,  the  President  or  the  Board  of  Directors,  to 
act  when  properly  called  upon. 

RULE  X. 

MEMBERSHIPS. 

Section  1.  Any  person  of  good  character  and  credit, 
and  of  legal  age,  and  resident  of  or  permanently  doing 
business  in  the  city  of  Chicago,  on  presenting  a written 
application,  indorsed  by  two  members,  and  stating  the 
name  and  business  avocation  of  the  applicant,  after  ten 
days’  notice  of  such  application  shall  have  been  posted 
on  the  bulletin  of  the  Exchange,  may  be  admitted  to 
membership  in  the  Association,  upon  approval  by  at 
least  ten  (10)  affirmative  ballot-votes  of  the  Board  of 
Directors,  and  upon  payment  of  an  initiation  fee  of  one 
thousand  dollars,  or  on  presentation  of  a certificate  of 
unimpaired  or  un forfeited  membership,  duly  transferred, 


GENERAL  RULES. 


35 


and  by  signing  an  agreement  to  abide  by  the  Eules, 
Regulations  and  By-Laws  of  the  Association,  and  all 
amendments  that  may,  in  due  form,  be  made  thereto. 

Sec.  2.  Every  member  shall  be  entitled  to  receive  a certificate  of 

membership. 

certificate  of  membership,  bearing  the  corporate  seal  of 
the  Association,  and  the  signatures  of  the  President  and 
Secretary ; and  if  the  member  in  whose  name  said  cer- 
tificate stands  has  paid  all  assessments  due,  and  has 
against  him  no  outstanding  unadjusted  or  unsettled 
claims  or  contracts  held  by  members  of  the  Association, 
and  said  membership  is  not  in  any  way  impaired  or  for- 
feited, it  shall,  upon  the  payment  of  ten  (10)  dollars,  be  How 

transferable. 

transferable  upon  the  books  of  the  Association,  to  any 
person  eligible  to  membership,  who  may  be  approved  by 
the  Board  of  Directors,  after  due  notice,  by  posting,  as 
provided  in  Section  1 of  this  rule.  The  membership  of 
a deceased  member  shall  be  transferable,  in  like  manner, 
by  his  legal  representative.  Prior  to  the  transfer  of  any 
membership,  application  for  such  transfer  shall  be  posted 
upon  the  bulletin  of  the  Exchange  for  at  least  ten  days, 
when,  if  no  objection  is  made,  it  shall  be  assumed  the 
member  has  no  outstanding  claims  against  him. 

RULE  XL 

CLERKS. 

Section  1.  Every  firm  or  business  house,  all  the  resi-  conditions 
dent  members  of  which  are  members  of  the  Association, 
shall  be  entitled  to  one  or  more  clerk’s  tickets  of  admis- 
sion to  the  Exchange  Rooms,  by  the  payment  of  the 


36 


BOARD  OF  TRADE,  CHICAGO. 


Assessments. 


Restrictions. 


Forfeiture. 


Introduction. 


Restrictions. 


Under  control 
of  Board  of 
Directors. 


current  annual  assessment  of  members,  such  clerk  to  be 
a regular  employe  of  the  firm  applying  for  the  ticket, 
and  to  be  approved  by  the  Board  of  Directors ; but  no 
clerk  shall  be  entitled  to  transact  any  business  on  the 
fioor  of  the  Exchange  Rooms,  for  himself,  or  for  any 
other  person  than  the  employer  to  whom  the  ticket  is 
issued.  Any  clerk’s  ticket,  and  all  payments  for  the 
same,  may  be  declared,  by  the  Board  of  Directors,  for- 
feited, upon  satisfactory  evidence  that  the  party  holding 
it  has  violated  any  of  the  privileges  granted  by  it,  or 
that  he  is  not  a Iona  fide  employe  of  the  party  upon 
whose  application  the  same  was  issued. 

RULE  XII. 

VISITORS. 

Section  1.  Visitors  may  be  introduced  to  the  Ex- 
change Rooms  upon  such  terms  and  for  such  time  as  the 
Board  of  Directors  may  from  time  to  time  determine. 
Xo  person  holding  a visitor’s  ticket  shall  be  permitted 
to  negotiate  or  transact  any  business  in  the  Exchange 
Rooms.  For  any  violation  of  this  rule  the  privilege  of 
visiting  the  rooms  may  be  forfeited. 

RULE  XIII. 

COMPLIMENTARY  TICKETS. 

Section  1.  The  Board  of  Directors  may  authorize  the 
issue  of  complimentary  tickets  of  admission  to  the  Ex- 
change Rooms  to  such  persons  as  they  may  designate ; 
but  no  person  holding  such  a ticket  shall  be  entitled  to 


Restrictions. 


GENERAL  RULES. 


37 


vote,  or  to  transact  any  business  in  the  Exchange  Eooms, 
except  such  as  may  be  incident  to  the  business  on  ac- 
count of  which  the  ticket  was  issued. 

RULE  XIV. 

BROKERS. 

Section  1.  Any  person  claiming  to  act  as  a broker  Duties  and  re- 
sponsibilities. 

shall  be  required  to  name  his  principal  during  the  ses- 
sion of  the  Association,  at  which  the  trade  was  made,  or 
at  the  time  the  trade  was  made,  if  demanded ; or,  failing 
to  do  so,  shall  thereafter  be  held  responsible  for  such 
trade,  at  the  option  of  the  party  with  whom  he  shall 
have  made  the  same,  and  shall  also  be  held  liable  for  the 
acceptance  of  such  trade  by  his  principal. 

RULE  XV. 

ANNUAL  MEETING. 

'Section  1.  The  Association  shall  hold  its  Annual  one  week  after 

. annual  election, 

Meeting  on  the  second  Monday  after  the  second  day 
of  January. 

RULE  XVI. 

SPECIAL  ELECTIONS. 

Section  1.  If  from  any  cause  an  election  of  officers 
is  not  had  at  the  regular  Annual  Election,  or  in  case  of 
the  death,  resignation  or  removal  of  the  President,  either 
of  the  Vice-Presidents,  Directors,  or  members  of  either 
of  the  Committees  of  Arbitration  or  Appeals,  it  shall  be 
in  the  power  of  the  Association  to  fill  such  vacancies  for 


38 


BOARD  OF  TRADE,  CHICAGO. 


the  remainder  of  the  official  term,  at  any  regular  or  called 

Notice— how  meeting  thereafter : Provided,  notice  of  said  meeting  and 

pai)liphed.  ° ^ 

election  shall  have  been  announced  on  ’Change  and  pub- 
lished in  two  of  the  Chicago  daily  newspapers  for  at 
least  three  days  immediately  preceding  such  meeting. 

RULE  XVII. 

ANNUAL  ASSESSMENT  — WHEN  DUE. 

When  due.  SECTION  1.  When  the  Annual  Assessment  is  made,  it 

Delinquents  shall  be  considered  due  ; and  any  member  neglecting  or 

excluded  from  . , 

the  Exchange,  refusiiig  to  pay  the  same  within  thirty  (30)  days  there- 
after, may  be  excluded  from  the  rooms  of  the  Association 

Forfeiture  of  uiitil  such  asscssmcnt  is  paid;  and  all  members  failing 

membership  for 

of  di?es^"'^"*  to  pay  the  assessments  during  the  whole  of  any  fiscal  year 
of  the  Association,  shall  be  deemed  to  have  relinquished 
their  membership,  and  the  same  shall  be  forfeited,  and 
such  parties  shall  thereafter  be  readmitted  only  as  new 
applicants.  Payment  of  annual  assessments  by  a mem- 
ber, while  under  suspension,  shall  not  be  construed  as  in 
any  way  affecting  such  suspension. 

RULE  XVIII. 

APPROPRIATIONS. 

Limitations.  Section  1.  Xo  appropriation  of  money  or  other  prop- 
erty of  the  Association  shall  be  made,  except  to  defray 
its  legitimate  business  expenditures  or  to  promote  the 
purposes  of  its  organization. 


GENERAL  RULES. 


39 


RULE  XIX. 

IRREGULAR  TRADING. 

Section  1.  Xo  time  or  option  trade  or  contract  in 
grain  shall  be  made  by  members  of  the  Association 
before  9^  o’clock  A.  M.,  or  after  o’clock  P.  M.,  or 
on  any  Saturday  after  1 o’clock  P.M.,  nor  on  any  day 
or  part  of  a day  on  which  the  Association  shall  hold  no 
business  session ; and  any  member  who  shall  make  any 
trade  or  contract  herein  prohibited,  shall  be  deemed  to 
have  violated  the  Rules  of  the  Association,  and  shall 
therefor  be  summarily  fined  by  the  President  in  a sum 
not  exceeding  five  dollars  for  each  and  every  such  of- 
fense, and  shall  be  liable  to  such  additional  discipline  as 
the  Board  of  Directors  may  determine ; and  any  mem- 
ber neglecting  or  refusing  to  pay  any  such  fine  shall  be 
suspended  by  the  Board  of  Directors  from  all  privileges 
of  the  Association  during  the  time  such  fine  shall  re- 
main unpaid. 

RULE  XX. 

SMOKING. 

Section  1.  Smoking  in  the  Exchange  Rooms  of  the 
Association  shall  be  deemed  discourteous  and  offensive 
conduct,  and  the  same  is  hereby  prohibited. 

RULE  XXL 

SEAL. 

Section  1.  The  Association  shall  have  a Seal,  bear- 
ing a figure  of  Justice,  with  a ship  in  the  distance,  sur- 


Trading 
prohibited 
except  within 
certain  hours. 


Fined  for 
violation. 


May  be 
suspended. 


Prohibited. 


Description. 


40 


BOARD  OF  TRADE,  CHICAGO. 


One  hundred 
members  a 
quorum. 


Protection  to 
purchasers. 


Protection  to 
sellers. 


Margins  — 

where 

deposited. 


Excepted 

depositories. 


rounded  by  the  words,  “ Board  of  Trade  of  the  City  of 
Chicago.” 

RULE  XXII. 

QUORUM. 

Section  1.  One  hundred  members  of  the  Association 
shall  constitute  a quorum,  but  a smaller  number  shall 
have  power  to  adjourn. 

RULE  XXIII. 

MARGINS  ON  TIME  CONTRACTS. 

Section  1.  On  time  contracts,  purchasers  shall  have 
the  right  to  require  of  sellers,  as  security,  ten  (10)  per 
cent  margins  based  upon  the  contract  price  of  the  prop- 
erty bought,  and  further  security,  from  time  to  time,  to 
the  extent  of  any  advance  in  the  market  value  above 
said  price.  Sellers  shall  have  the  right  to  require  as 
security  from  buyers  ten  (10)  per  cent  margins  on  the 
contract  price  of  the  property  sold,  and  in  addition,  any 
difference  that  may  exist  or  occur  between  the  estimated 
legitimate  value  of  any  such  property  and  the  price  of 
sale.  All  securities  or  margins  shall  be  deposited,  either 
with  the  Treasurer  of  the  Association  or  with  some  bank 
duly  authorized  by  the  Board  of  Directors  to  receive 
such  deposits;  Provided,  such  deposit  shall  not  be  made 
with  any  bank  or  banks  to  which  the  party  calling  for 
the  said  security  or  margin  shall  expressly  object,  at  the 
time  of  making  such  call ; but  in  such  case  the  deposit 
shall  be  made  with  some  duly  authorized  bank  not  thus 


GEN^ERAL  RULES. 


41 


objected  to,  or  with  the  Treasurer  of  the  Association,  as 
the  depositor  shall  elect. 

Sec.  2.  All  banks  which  may  be  appointed  to  act  as  Bonds, 
depositories  for  securities  or  margins,  shall  execute  and 
file  with  the  Secretary  of  the  Association,  a good  and  suf- 
ficient bond,  with  sureties,  to  be  approved  by  the  Board 
of  Directors,  for  the  proper  disposal  of  the  said  securi- 
ties or  margins,  in  accordance  ’vvith  the  provisions  of  the 
Rules,  Regulations  and  By-Laws  of  the  Association. 

Said  banks  shall  issue  certificates  in  duplicate,  not  Certificates  for 

deposits. 

transferable,  for  all  such  deposits.  Said  certificates  shall 
state  by  whom  the  deposit  was  made,  and  for  whose  se- 
curity the  same  is  held,  that  the  deposit  has  been  made 
under  the  Rules  of  the  Board  of  Trade,  and  is  payable 
upon  the  return  of  the  certificate  or  its  duplicate  duly 
indorsed  by  the  parties  to  the  contract  or  contracts,  or 
on  the  order  of  the  President  of  the  Board  of  Trade,  as 
provided  by  Section  6 of  this  rule.  Said  certificate  shall 
be  in  the  following  form,  to  wit : 


Original  (or)  Duplicate. 

Not  Negotiable  or  Transferable. 


Eorm  for 
certificates. 


Chicago, 18  . 

has  deposited  with  this  Bank 

Dollars,  as  margin  or  security  on  a 

contract  or  contracts  between  the  depositor  and 

which  amount  is  payable  on  the  return  of  this  certificate  or  its 
duplicate  duly  indorsed  by  both  of  the  above  named  parties,  or  on 
the  order  of  the  President  of  the  Board  of  Trade  of  the  City  of  Chi- 
cago, indorsed  on  either  the  original  or  duplicate  hereof,  as  pro- 


42 


BOARD  OF  TRADE,  CHICAGO. 


vided  by  the  Rules  of  said  Board  of  Trade,  under  which  the  above 
named  deposit  has  been  made. 


Cashier. 

Deposits  to  be  All  deposits  SO  made  shall  be  held  to  have  been  made  as 

held  as  security 

on  all  coup-acts  security  for  the  faithful  fulfillment  of  any  contracts 
parties.  made  or  to  be  made  between  the  parties  during  the  time 

Exception.  the  deposit  shall  remain  unpaid:  Provided,  it  shall  be 

competent  for  either  party  to  a contract  to  demand  that 
the  certificate  shall  express  the  particular  contract  upon 
which  the  deposit  shall  haye  been  made,  and  in  such 
case  the  deposit  shall  he  applicable  only  to  the  settle- 
ment of  that  contract. 

Margins  with  Sec.  3.  The  Treasurer  of  the  Association  shall,  in  like 

the  Treasurer.  . , . „ 

manner,  and  under  like  safeguards,  receiye  deposits  for 
securities  or  margins,  and  issue  certificates  for  the  same, 
payable  as  is  proyided  by  Section  2 of  this  rule. 

Sec.  4.  The  party  depositing  securities  or  margins 
shall,  within  one  hour  from  the  time  such  deposit  shall 
be  called,  deposit  with  the  Secretary  of  the  Association, 
or  with  the  party  calling  for  such  deposit,  the  duplicate 
certificate  for  the  same,  in  due  form,  as  provided  for  in 
Section  2 of  this  rule. 

Sec.  5.  Should  any  party  called  upon,  as  herein  pro- 
yided for,  fail  to  deposit  the  security  or  margin  called, 
within  the  next  banking  hour  thereafter,  the  party  mak- 
ing such  call  shall  have  the  right,  if  he  be  the  seller,  to 
resell  the  property  for  account  of  the  delinquent,  such 
resale  to  be  for  the  same  delivery  as  was  named  in  the 


Notice  of 
deposit  of 
ruHigins. 


Failure  to 

deposit 

margins. 


GENERAL  RULES. 


48 


original  contract;  if  he  be  the  buyer  he  shall  have  the 
right  to  repurchase  the  property  for  account  of  the  de- 
linquent deliverable  at  the  time  named  in  the  original 
purchase,  in  either  case  he  shall  at  once  communicate 
to  the  delinquent  the  action  he  has  elected  to  take,  and 
all  losses  or  damages  on  such  defaulted  contract  shall  be  closing  of 

^ contract  in  case 

at  once  due  and  payable,  the  same  as  though  said  con- 
tract  had  fully  matured ; the  party  so  calling  may,  how- 
ever,  elect  to  permit  the  contract  to  stand,  in  which  case 
no  notice  to  that  effect  shall  be  necessary  to  the  delin- 
quent : Provided,  when  the  call  is  made  during  the  gen- 
eral meeting  of  the  Association,  between  11  A.M.  and  1 
P.M.,  the  deposit  shall  be  made  before  2 o’clock  of  the 
same  day.  All  notices  for  the  call  of  margin,  or  of  the  Notices  of  caii, 

or  of  the 

closing  of  contracts  under  this  rule,  mav  be  served  on  closing  of 
the  party  called,  either  in  person  or  by  leaving  a written 
notice  at  his  place  of  business,  or  may  be  served  in  per- 
son upon  his  authorized  representative,  or  upon  any 
clerk  representing  the  party  on  ’Change ; and  in  case 
the  party  called  upon  shall  not  be  known  to  have  a reg- 
ular place  of  business,  a written  notice  left  in  the  office 
of  the  Secretary  of  the  Board  shall  be  deemed  sufficient. 

Sec.  6.  Upon  the  fulfillment  or  settlement  of  anyEeieaseof 

margins  on 

contract,  deposits  upon  which  have  been  made,  and  when  settlement, 
the  full  adjustment  of  all  differences  relating  to  the  same 
shall  have  been  effected,  the  deposits  shall  thereupon  be 
payable  to  the  party  depositing  the  same ; and  the  joint 
indorsement  of  both  parties  upofi^the  certificate  shall  be 
a sufficient  authority  to  the  party  holding  the  deposit  to 
pay  the  same  to  the  holder  of  the  certificate ; or  in  case 


44 


BOARD  OF  TRADE,  CHICAGO. 


Failure  to 

adjust 

contracts. 


Disputes  to  be 
submitted  to  a 
committee. 


President  may 
release. 


Excessive 
deposits  — 
how  released. 


of  a failure  between  the  contracting  parties  to  adjust  and 
settle  their  respective  claims  upon  the  deposit  within 
three  (3)  business  days  after  the  maturity  of  all  contracts 
upon  which  the  deposit  is  applicable,  the  matter  in  dis- 
pute shall,  upon  the  application  of  either  party  to  such 
contracts,  be  submitted  to  a Select  Committee  of  three 
disinterested  persons,  members  of  the  Association,  to  be 
appointed  by  the  President,  which  Committee  shall, 
without  unnecessary  delay,  summon  the  parties  before 
them,  and  hear  such  evidence,  under  oath,  as  either  may 
wish  to  submit  touching  their  claims  to  the  deposit,  and 
shall  by  a majority  vote  decide,  and  report  to  the  Presi- 
dent of  the  Board,  in  writing,  in  what  manner  and  to 
whom  the  deposit  is  payable,  either  wholly  or  in  part ; 
whereupon  the  President  shall  indorse  on  either  the 
original  or  duplicate  certificate  an  order  for  the  payment 
of  such  deposit  in  accordance  with  the  decision  of  said 
Committee,  and  such  order  shall  be  a sufficient  warrant 
to  the  party  holding  the  deposit  to  pay  the  same  in 
accordance  with  such  order.  In  case  it  should  occur 
that  by  reason  of  changes  in  the  market,  or  of  delivery 
upon,  or  the  settlement  of  a portion  of  the  contracts 
upon  which  margins  or  securities  that  have  been  depos- 
ited are  properly  applicable  under  this  rule,  that  a larger 
sum  remains  on  deposit  than  is  contemplated  by  Sec- 
tion 1 of  this  rule  upon  then  existing,  unadjusted  con- 
tracts between  the  parties,  and  either  party  to  such 
contract  should  refuse  to  release  such  excess  of  deposit, 
the  President  of  the  Board  is  authorized,  upon  a repre- 
sentation of  the  facts,  and  admission  or  proof  that  such 


GENERAL  RULES. 


45 


excess  ought  to  he  released,  to  order  such  release,  and 
payment  to  be  made  to  the  party  to  whom  it  right- 
fully belongs,  by  the  indorsement  of  an  order  to  that 
effect  on  either  the  original  or  duplicate  certificate  or 
certificates  issued  for  such  deposits : Provided,  in  case  of  value  of 

property 

such  disagreement,  no  surrender  of  the  deposit  shall  be  defaulted 

^ on  — now 

ordered  until  the  Board  of  Directors  shall  have  first 
estimated  and  determined  the  value  of  the  property 
covered  by  any  contract  upon  which  the  deposit  has 
been  made,  and  upon  which  a default  has  occurred,  on 
the  day  of  such  default,  in  case  either  party  shall  request 
such  decision  ; nor  shall  any  such  surrender  be  ordered 
pending  any  arbitration  touching  the  rights  of  the  par- 
ties under  the  said  contract  or  contracts,  or  in  case  the 
party  refusing  to  adjust  the  dispute  shall  signify  his 
willingness  to  submit  the  matter  to  arbitration. 

Sec.  7.  In  determining  the  value  of  property  under  Value  of 

property  under 

these  rules,  its  value  in  other  markets,  or  for  manufact- t^hese  rules  — 
uring  or  consumptive  purposes  in  this  market,  together 
with  such  other  facts  as  may  justly  enter  into  the  deter- 
mination of  its  value,  shall  be  considered,  irrespective  of 
any  fictitious  price  it  may  at  the  time  be  selling  for  in 
this  market.  Such  value,  for  marginal  purposes,  in  case  values  for 

marginal 

of  disagreement,  shall  be  determined  by  the  Board  of 
Directors,  and  communicated  to  the  parties  in  interest 
through  the  President  or  Secretary. 


46 


BOARD  OF  TRADE,  CHICAGO. 


RULE  XXIV. 

REGULAR  DELIVERIES. 


Tender  of 
warehouse 
receipts. 


Requirements 
for  regular 
warehouse 
receipts. 


Directors  may 
prescribe  other 
warehouse 
regulations. 


Posting 
elevators  and 
warehouses. 


Posting 

irregularities. 


Section'  1.  All  deliveries  upon  grain  contracts,  un- 
less otherwise  expressly  provided,  shall  be  made  by  ten- 
der of  regular  warehouse  receipts,  which  receipts  shall 
have  been  registered  by  an  officer  duly  appointed  for 
that  purpose.  All  such  warehouse  receipts  shall  be 
made  to  run  five  days  from  date  of  delivery,  on  regular 
or  customary  storage  charges;  which  regular  or  custom- 
ary charges  shall  follow  such  warehouse  receipts,  and  be 
chargeable  upon  the  property  covered  by  the  same,  and 
shall  be  issued  by  such  houses  as  are  in  good  credit,  are 
conveniently  approachable  by  vessels  of  ordinary  draft, 
have  customary  shipping  facilities,  and  are,  in  other 
respects,  comformable  to  such  requirements  as  may  be 
prescribed  by  the  Board  of  Directors. 

Sec.  2.  The  Board  of  Directors  may  prescribe  all 
necessary  regulations  and  requirements  for  warehousing 
all  kinds  of  property  (other  than  grain)  deliverable  by 
warehouse  receipts. 

Sec.  3.  It  shall  be  the  duty  of  the  Board  of  Directors, 
under  this  rule,  to  publish  annually,  or  oftener,  if  neces- 
sary, by  posting  on  the  bulletin  of  the  Exchange,  the 
names  of  all  elevators  and  other  warehouses,  conforming 
in  all  respects  to  prescribed  requirements  of  the  said 
Board,  and  to  report  immediately  to  the  Association,  by 
posting  as  above,  any  irregularity  in  the  management  of 
such  elevators  or  warehouses,  or  any  fact  calculated  to 
discredit  or  impair  the  value  of  warehouse  receipts  of 


GEJfERAL  RULES. 


47 


any  such  elevators  or  warehouses,  as  the  same  shall  come 
to  their  knowledge. 

Sec.  4.  All  warehouse  receipts  for  property  tendered  Proper  teuders. 
or  delivered  on  contracts,  shall  be  for  quantities  or  par- 
cels, in  the  aggregate,  as  sold,  accompanied  by  a mem- 
orandum of  the  property  delivered,  with  the  price  of  the 
same,  together  with  the  amount  due  therefor.  Provided, 
on  all  time  contracts  for  five  thousand  (5,000)  bushels  of  Grain, 
of  Grain,  or  any  multiple  thereof,  deliveries  shall  be 
made  in  lots  of  five  thousand  (5,000)  bushels;  and  on 
all  time  contracts  for  Mess  Pork  for  two  hundred  and  of  Mess  Pork, 
fifty  (250)  barrels  or  any  multiple  thereof,  deliveries 
shall  be  made  in  lots  of  two  hundred  and  fifty  (250) 
barrels;  a variation,  however,  of  one  per  cent  in  the 
quantity  of  grain  delivered  and  that  contracted  for  shall 
not  vitiate  a tender  or  delivery.  Any  excess  or  deficit 
within  the  above  limits  shall  be  settled  for  at  the  cur- 
rent market. 


PULE  XXV. 

RIGHTS  OF  PARTIES  OH  GRAIH  CONTRACTS. 

Section  1.  On  time  contracts,  made  between  mem-  contracts- 

Buyer’s  opti 

bers  of  the  Association,  where  pro]3erty  is  bought  at  as  to  time. 
bicyer^s  option,  the  time  of  delivery  shall  be  as  follows : 

When  the  call  is  made  by  the  buyer  before  twelve  o’clock 
M.,  the  property  shall  be  due  and  deliverable  before 
half-past  two  o’clock  P.  M.,  same  day.  When  the  call  is  when 
made  after  twelve  o’clock  M.,  the  property  shall  be  due 
and  deliverable  before  three  o’clock,  same  day,  or  before 
eleven  o’clock  A.  M.,  next  day.  Or  the  buyer  may 


48 


BOARD  OF  TRADE,  CHICAGO. 


When  no  call 
8hall  be  made. 


Contract!^— 
Seller’s 
option  as 
to  time. 


Sufficiency  of  a 
tender. 


Tenders—  when 
not  good. 


Delivery  of 
grain  sold  in 
store. 


Delivery  of 
cash  grain. 


specify  any  particular  future  day,  during  the  term  of  the 
option,  upon  which  the  property  shall  be  due  and  de- 
liverable, and  the  property  shall  be  due  before  eleven 
o’clock  on  the  day  designated  ; Provided^  no  call  shall 
be  made  before  the  beginning  of  the  option ; and  if  no 
call  is  made,  the  property  shall  be  deliverable  before 
three  o’clock  P.  M.,  on  the  day  of  maturity  of  contract. 

Sec.  2.  On  contracts  for  grain  at  sellers  option,  the 
seller  may  deliver  the  property  on  any  day  during  the 
life  of  the  option,  between  the  hours  of  nine  A.  M.  and 
half-past  two  P.  M. 

Sec.  3.  On  contracts  for  property  for  future  delivery, 
the  tender  of  a higher  grade  of  the  same  kind  of  grain 
than  the  one  contracted  for  shall  be  deemed  sufficient; 
Provided,  the  higher  grade  of  grain  tendered  shall  not 
be  of  a color  or  quality  that  will  depreciate  the  value  of 
the  other,  if  mixed. 

Sec.  4.  When  a contract  shall  mature  on  Sunday,  or 
on  a legal  holiday,  delivery  on  such  contract  shall  be 
made  on  the  preceding  business  day.  No  property  shall 
be  tendered  on  any  day  upon  which  the  Association 
shall  hold  no  business  session. 

Sec.  5.  On  contracts  for  grain  sold  in  store,  without 
special  agreement  as  to  delivery,  the  property  shall  be 
deliverable  before  half-past  two  o’clock  P.  M.  of  the  day 
of  sale,  or  before  eleven  o’clock  A.  M.  of  the  next  busi- 
ness day.  In  case  a purchase  is  specified  as  for  cash,  it 
shall,  if  purchased  before  two  P.  M.,  be  deliverable  before 
half-past  two  o’clock,  same  day ; if  purchased  after  two 
P.  M.,  it  shall  be  deliverable  before  eleven  A.  M.,  of  the 


GENERAL  RULES. 


49 


next  business  day.  No  property  shall  be  tendered  be- 
tween the  hours  of  eleven  A.  M.  and  one  P.  M.,  except 
by  special  agreement.  In  case  of  the  tender  of  property  Tenders  duriug 

absence  of 

during  the  temporary  absence  of  the  purchaser  from  his^'^yei’- 
place  of  business,  notice  of  such  tender  shall  be  left  at 
his  office,  and  he  shall  have  the  right  to  call  for  the 
same  and  pay  for  it  within  one  hour  thereafter. 

Sec.  6.  In  case  sales  are  made  for  future  delivery  by  car  load  to  be 
car  loads,  a car  load  shall  be  deemed  to  contain  twenty 
thousand  (20,000)  pounds. 


RULE  XXVI. 


FAILURE  TO  DELIVER  OR  RECEIVE  ON  CONTRACTS. 

Section  1.  In  case  any  property  contracted  for  future 
delivery,  is  not  delivered  at  maturity  of  contract,  the 
purchaser  may,  at  his  option,  consider  the  contract  for- 
feited ; or  he  may  purchase  the  property  on  the  market 
for  account  of  the  seller,  by  one  o’clock  of  the  next 
business  day,  notifying  him  at  once  of  such  purchase ; 
or  he  may  require  a settlement  with  the  seller  at  the 
average  market  price  on  the  day  of  maturity  of  con- 
tract. 

Sec.  2.  In  case  any  property  contracted  for  future 
delivery  is  not  received  and  paid  for  when  properly 
tendered,  it  shall  be  the  duty  of  the  seller,  in  order  to 
establish  any  claim  on  the  purchaser,  to  sell  it  on  the 
market  at  any  time  during  the  next  twenty-four  hours, 
at  his  discretion,  after  such  default  shall  have  been  made, 
notifying  the  purchaser  within  one  hour  of  such  sale, 


Rights  of 
vendors  may 
be  forfeited. 


May  purchase 
property  on  the 
market. 


May  require 
settlement  at 
market. 


Rights  of 
vendors. 


Failure  to 
receive. 


50 


BOAKD  OF  TRADE,  CHICAGO. 


Unreasonable 
claims  based 
on  fictitious 
markets  not 
allowed. 


Committee. 


Duties. 


liuorum. 


and  any  loss  resulting  to  tlie  seller  shall  be  paid  by  the 
party  in  default. 

Sec.  3.  Sections  1 and  2 of  this  rule  shall  not  be  con- 
strued as  authorizing  unjust  or  unreasonable  claims, 
based  upon  manipulated  or  fictitious  markets;  and  in 
case  of  any  disagreement  arising  from  any  action  taken 
under  this  rule,  the  expressed  willingness  of  either  party 
to  the  controversy, ' to  submit  the  pending  question  of 
difference  to  arbitration,  under  the  Eules,  Eegulations 
and  By-Laws  of  the  Association,  shall  be  accepted  and 
construed  by  the  Board  of  Directors,  as  evidence,  on  the 
part  of  such  member,  of  his  readiness  to  equitably  adjust 
and  settle  his  said  disputed  obligation,  and  he  shall  not 
therefor  be  subject  to  discipline  for  such  matter,  pend- 
ing such  proffered  arbitration,  if  he  shall  abide  by  the 
same  in  good  faith,  and  in  case  of  an  award,  shall 
promptly  perform  such  award. 

EULE  XXVII. 

DISTILLED  SPIRITS. 

Section  1.  At  the  first  meeting  of  the  Board  of 
Directors  after  their  election,  the  President  shall,  subject 
to  the  approval  of  the  Board,  appoint  as  a Committee  ojs' 
Distilled  Spirits,  three  members  of  the  Association 
who  are  engaged  in  the  Distilled  Spirits  trade.  It  shall 
be  the  duty  of  this  Committee  to  consider  and  decide  all 
disputes  arising  between  members  dealing  in  Distilled 
Spirits  which  may  be  submitted  to  them.  Two  of  the 
Committee  shall  constitute  a quorum,  and  a decision  of 
any  two  of  their  number  shall  be  final.  A fee  of  nine 


Fee. 


GENERAL  RULES. 


51 


dollars  shall  be  paid  to  the  Committee  for  every  reference 
case  submitted  to  them,  the  same  to  be  paid  by  the  party 
adjudged  to  be  at  fault,  unless  otherwise  ordered  by  the 
Committee.  Provided,  nothing  herein  shall  prevent  set- 
tlement of  questions  of  difference  by  private  arbitration. 

Sec.  2.  All  inspecting  shall  be  performed  by  Inspectors  inspectors, 
regularly  appointed  by  the  Board  of  Directors,  and  the 
returns  of  such  Inspectors  shall  be  made  in  exact  accord- 
ance Avith  the  instruments  prescribed  by  the  Commis- 
sioner of  Internal  Revenue  for  all  U.  S.  gaugers. 

Sec.  3.  Inspectors  shall  make  a detailed  return  (in  Returns  of 

inspectors. 

duplicate)  of  each  lot  inspected,  showing  the  serial  num- 
ber of  each  barrel,  the  serial  number  of  each  stamp  affixed 
thereto,  the  gauge,  ^vantage,  proof,  and  number  of  proof 
gallons.  In  case  of  measurement  on  account  of  com- 
plaint, he  shall  make  a certificate,  in  duplicate,  showing 
the  serial  numbers  of  the  barrels  measured,  and  the  re- 
sult of  such  measurement.  He  shall  also  note  on  his 
certificate  any  imperfection  in  the  quality  of  the  goods 
or  cooperage. 

Sec.  4.  The  buyer  shall  have  the  right  to  designate  the  Fee  of 
Inspector,  who  shall  be  entitled  to  receive  ten  (10)  cents  Low  pakl. 
per  barrel  for  inspection,  to  be  paid  by  the  seller.  The 
seller  may  add  one-half  inspection  to  the  invoice,  and 
the  same  shall  be  reimbursed  by  the  buyer. 

Sec.  5.  All  complaints  relative  to  inspection  must  be  complaints  of 
made  in  Avriting,  and  addressed  to  the  Inspector  who”^ 
inspected  the  goods,  and  he  shall  immediately  notify  the 
other  party  or  parties  in  interest. 

Sec.  6.  Complaints  concerning  inspection  must 


52 


BOARD  OF  TRADE,  CHICAGO. 


Error  in  gauge. 


Complaint, b. 


Average  gauge- 
lot. 


Fees  for 
reinspection. 


Limitation  of 
claim. 


made  within  forty-eight  hours  after  the  delivery  of  the 
goods. 

Sec.  7.  No  claim  made  for  error  in  gauge  shall  be 
allowed,  unless  all  the  barrels  in  the  lot  in  question  be 
submitted,  and  have  not  received  any  driving  or  other 
cooperage  subsequent  to  the  inspection  complained  of. 

Sec.  8.  In  case  of  a complaint  based  upon  an  alleged 
error  in  gauge,  the  Inspector  who  made  the  original 
inspection  shall  immediately  measure  the  lot  in  question 
in  conformity  with  the  following,  viz. : The  average  gauge 
of  a lot  of  twenty-five  (25)  barrels  or  more,  shall  be  esti- 
mated by  the  actual  measurement,  with  a sealed  measure, 
or  by  actual  weight,  of  not  less  than  one  barrel  in  five 
of  the  lot,  and  the  serial  numbers  of  the  barrels  so 
measured  shall,  when  the  lot  sold  runs  serially,  be  in 
direct  rotation.  In  lots  of  less  than  twenty-five  barrels, 
either  buyer  or  seller  may  insist  upon  the  measurement 
or  weight  of  the  whole  lot,  or  of  any  portion  thereof, 
greater  than  one  barrel  in  five.  If  the  complaint  be 
ascertained  to  be  not  well  founded,  the  inspector  shall 
be  entitled  to  receive  twenty-five  (25)  cents  per  barrel 
on  the  lot  so  measured,  to  be  paid  by  the  complainant. 
Should  the  error  have  arisen  from  the  false  shape  or 
construction  of  the  barrel,  he  shall  be  entitled  to  receive 
twenty-five  (25)  cents  per  barrel  on  the  lot,  to  be  paid 
by  the  seller.  Should  the  fault  have  been  his  own, 
through  the  error  of  his  instruments  or  otherwise,  he 
shall  not  be  entitled  to  receive  any  compensation  for 
such  measurement:  Provided^  no  claim  on  account  of 
barrel  measurement  shall  be  considered  adjustable  un- 


GEJifERAL  RULES. 


53 


less  made  within  forty-eight  hours  after  delivery,  at  the 
place  designated  by  the  buyer  at  the  time  of  purchase. 

Sec.  9.  Upon  the  receipt  of  an  amended  Inspector’s  Amended 

return. 

return,  or  a certificate  showing  amendment,  the  seller 
shall  alter  his  bill  in  accordance  with  said  amendment, 
which  bill,  so  altered,  shall  be  paid  by  the  buyer. 

Sec.  10.  High  wine  barrels  must  be  new  (not  refilled)  New  barrels, 
and  made  of  well-seasoned  timber  of  the  kind  usually 
employed  in  the  manufacture  of  whisky  barrels.  They  Dimensions, 
must  be  sound,  in  good  cartage  order,  and  bound  with 
not  less  than  six  (6)  iron  hoops,  and  must  gauge  from 
forty  to  forty-six  wine  gallons,^  and  a barrel  of  high- 
wines,  in  all  settlements,  shall  be  considered  as  sixty 
proof  gallons. 


KULE  XXVIII. 

PROVISIONS. 

Section  1.  The  Board  of  Directors  shall  appoint  five  inspection 
members  of  the  Association  as  a Committee  on  Provision 
Inspection,  who  shall  have  and  exercise  a general  con- 
trol over  the  inspection  of  provisions,  and  shall  act  as 
referees  in  case  of  complaint  against  the  inspectors,  or 
the  inspection  of  any  lot  of  provisions,  or  any  matter  of 
difference  pertaining  to  the  same. 

Sec.  2.  The  Board  of  Directors  shall  also  appoint  five  inspectors, 
or  more  Inspectors  of  Provisions  who  shall  have  power 
to  appoint  competent  assistants ; such  assistants,  in  all 
cases,  to  be  approved  by  the  Committee  on  Provision 
Inspection. 


54 


BOARD  OF  TRADE,  CHICAGO. 


Compensation 
of  inspectors. 


Complaints 

against 

inspectors. 


Fees  of 
Committee. 


Provisions 
to  be  standard 
unless 
otherwise 
agreed. 


Requirements 
for  standard. 


Sec.  3.  The  Inspectors  of  Provisions  shall  furnish  the 
necessary  labor  and  materials  for  inspecting,  receiving 
as  compensation  the  fees  arising  from  the  same.  They 
shall  keep  a record,  in  detail,  of  every  examination  they 
may  make,  that  they  may  be  qualified  to  testify,  posi- 
tively, at  any  time,  as  to  the  facts  in  regard  to  the  same. 

Sec.  4.  Parties  complaining  of  any  Inspector,  or  the 
inspection  of  any  lot  of  provisions,  shall  have  the  right 
to  appeal  to  the  Inspection  Committee,  and  the  decision 
of  said  Committee  shall  be  final.  All  appeals  from  in- 
spection must  be  adjusted  before  the  property  leaves  the 
city,  packing  point  or  place  of  delivery. 

Sec.  5.  The  Committee  shall  be  allowed  three  dollars 
each  for  every  case  decided  by  them,  to  be  paid  by  the 
party  at  fault. 


PULE  XXIX. 

SALE  OF  PROVISIOKS. 

Section  1.  All  provisions  sold  in  this  market,  in  the 
absence  of  special  agreement,  shall  be  deemed  Standard, 
and  the  property  delivered  must  comply  with  the  re- 
quirements of  the  Eegulations  of  Inspection  established 
by  the  Association.  And  all  provisions  sent  to  this 
market  for  sale,  which,  upon  examination,  shall  be  found 
to  have  been  manufactured,  handled  or  packed,  in  all 
respects  and  to  all  appearances,  in  conformity  with  those 
rules,  shall  be  classed  as  Standard. 

Sec.  2.  All  provisions  sold  as  Standard,  shall  be  cut, 
selected  and  packed,  in  all  respects,  as  to  quality  and 


GEJ^EEAL  RULES. 


55 


condition,  conformably  to  the  classification  of  inspec- 
tion as  adopted  by  the  Association,  and,  unless  otherwise 
stipulated,  on  all  sales  made  of  any  of  the  grades  of  pro- 
visions as  Standard,  the  seller  shall  deliver  the  parcels 
of  the  kind  and  quality  called  for  by  such  sale,  wdiich 
any  duly  appointed  Inspector  of  the  Association  has 
examined,  and  has  certified  to  have  been  packed  accord- 
ing to  the  classification,  and  is  at  the  time  of  delivery  in 
good  merchantable  condition  in  every  respect ; or,  fail-  Settiemeuts. 
ing  to  so  deliver,  he  shall  be  bound  to  settle  his  contract 
iinder  the  provisions  of  Eule  XXVI  of  the  Association. 

Sec.  3.  Lard,  hams  or  shoulders  may  be  packed  in  how  packed, 
tierces,  either  wood  or  iron  bound,  or  bound  partly  with 
both.  Provisions  from  which  any  gain  has  been  re- 
moved, shall  not  afterwards  be  classed  as  Standard. 

Sec.  4.  Hog  products  packed  between  November  1 standard 

product— 

and  March  1 shall  alone  be  classed  as  Standard,  and  packed, 
all  deliveries  of  hog  products,  on  and  after  January  1, 
as  Standard,  shall  include  only  such  as  have  been 
packed  on  or  after  the  first  day  of  the  previous 
November,  in  new  and  standard  cooperage.  Provided, 
that  all  hog  products  cut  and  packed  on  and  after 
November  1,  1877,  in  accordance  with  the  requirements 
of  the  Eules  of  Inspection  adopted  by  the  Board  of 
Trade,  shall  be  deemed  Standard,  and  shall  be  deliver- 
able on  regular  contracts  between  members  of  the  Asso- 
ciation ; but  in  the  case  of  Mess  Pork,  packed  between  summer 
March  1 and  November  1,  two  hundred  (200)  pounds  of  pork.^*^ 
green  meat  shall  be  packed  into  each  barrel. 

Sec.  5.  No  original  weight  shall  be  taken  out  of  any  original  weight. 


56 


BOAKD  OF  TRADE,  CHICAGO.  ' 


package  of  provisioDS  which  is  afterwards  to, be  offered 
for  sale  by  the  package,  without  removing  the  original 
packer’s  brand  entirely  from  the  head  of  the  package, 
unless  the  property  be  repacked  and  so  branded  by  the 
party  repacking. 

Buyer’s  option  Sec.  6.  Buyers  of  provisions  on  contracts,  at  buyer’s 

— deliveries. 

option,  shall  have  the  right  to  inspect  the  same  before 
the  day  of  delivery,  provided  they  send  an  inspector  in 
time  to  allow  the  inspection  to  be  completed  before  the 
proposed  delivery;  but,  failing  to  do  so,  the  seller  shall 
have  the  privilege  of  having  the  property  inspected,  the 
cost  to  he  paid  by  the  buyer. 

Seller’s  option  Sec.  7.  Oil  sales  of  pi’ovisious  at  seller’s  option,  the 

—deliveries. 

seller  shall  have  the  privilege  of  delivering,  at  any  time 
during  the  life  of  the  contract,  without  previous  notice 
to  the  purchaser,  by  the  tender  of  a regular  warehouse 
receipt,  together  with  a certificate  of  inspection,  by  an 
Inspector  of  the  Association  (such  inspection  having 
been  made  within  the  last  three  days) ; such  a delivery 
shall  be  held  to  be  regular,  and  the  buyer  shall  receive 
and  pay  for  the  same,  together  with  the  fees  for  inspec- 

irreguiar  tion.  If,  however,  within  the  next  forty-eight  (48)  hours 

deliveries. 

the  buyer  shall  produce  the  certificate  of  the  Committee 
on  Provision  Inspection,  that  the  property  so  delivered  is 
not  Standard,  the  seller  shall  immediately  receive  the 
property  back,  paying  all  accrued  expenses,  and  substi- 
tute other  property  that  is  Standard;  Provided,  that 
the  evidence  of  the  Committee  on  Provision  Inspection, 
as  herein  referred  to,  shall  be  furnished  during  the  next 
forty-eight  (48)  hours,  or  as  soon  as  said  Committee  can 


GENERAL  RULES. 


57 


report,  they  having  been  called  for  such  examination 
during  the  next  twenty-four  (24)  hours.  A regular  Regular 

warehouse. 

warehouse  shall  be  deemed  only  such  as  can  be  reached 
by  railroad  cars,  or  such  as  will  deliver  free  to  any  rail- 
road cars,  and  shall  in  other  respects  conform  to  all  such 
requirements  as  may  be  prescribed  by  the  Board  of 
Directors.  On  sales  at  buyer’s  option,  if  the  buyer  calls  Buyer’s  option, 
before  the  expiration  of  contract,  the  seller,  if  he  so 
elect,  shall,  in  the  case  of  pickled  meats,  have  twenty- 
four  hours  to  prepare  the  property  for  delivery,  and  on 
bulk  or  boxed  meats,  four  working  days. 

Sec.  8.  On  sales  of  bareled  meats,  or  lard,  if  more  than  Two  or  more 

brands  — fees. 

one  brand  is  tendered,  the  purchaser  shall  be  required  to 
pay  such  inspection  fees  only  as  would  be  proper  were  it 
all  of  one  brand. 

Sec.  9.  On  sales  of  provisions  as  Standard,  or  of  a standard  or 

• special  brands. 

particular  packer’s  brand,  in  case  the  property  does  not 
pass  inspection,  the  buyer  shall  elect  either  to  take  the 
lot  named  at  contract  price,  after  being  regularly  inspected 
at  cost  of  seller,  or  to  require  that  some  standard  lot  be 
substituted,  but  the  buyer  shall  receive  the  one  or  the 
other,  if  tendered  within  a reasonable  time. 

Sec.  10.  In  sales  of  fully  cured  meats,  or  to  be  fully  cured  meats— 

deliveries. 

cured  and  delivered  at  any  specified  time,  the  seller  must 
deliver  in  good  faith  according  to  contract,  the  Inspector  ' 
to  be  the  judge,  who  shall  always  be  informed  of  the 
conditions  of  the  contract  before  proceeding  to  inspect. 

Where  sales  of  dry  salted  meats  are  made  without  other  Dry  salt  meats, 
specifications,  it  shall  be  considered  that  the  sale  contem- 
plates meats  fully  cured,  the  Inspector  to  be  the  judge. 


58 


BOARD  OF  TRADE,  CHICAGO. 


Inferior  to 
sample. 


Examination 
and  care  of 
property. 


Frozen  joints. 


Bulk  meats  — 
saltage. 


Tare  of  lard. 


Weight  of  lard 
in  tierces. 


Sec.  11.  In  sales  of  provisions,  when  an  article  is  sub- 
stituted or  delivered  inferior  in  quality  to  the  sample 
exhibited,  or  which  had  been  passed  upon  by  the  In- 
spector as  Standard,  the  seller  shall  be  responsible  for 
any  damage  resulting  from  such  exchange  or  substitu- 
tion. All  examinations  or  inspections  are  to  be  made 
within  a reasonable  time,  and  proper  care  of  the  property 
is  to  be  taken  by  the  owner  or  his  agent. 

Sec.  12.  Joints  cut  from  hogs  that  have  been  frozen 
shall  not  be  classed  as  Standard. 

Sec.  13.  In  case  of  no  specific  agreement,  the  saltage 
allowed  on  bulk  meats  shall  be  one  per  cent ; but  should 
the  buyer  or  seller  object,  the  Inspector  shall  sweep  as 
many  drafts  as  he  may  consider  necessary,  and  the  per- 
centage so  determined  shall  be  binding  on  both  parties. 
But  from  June  1 to  November  1 the  tare  shall  be 
ascertained  by  washing  in  cold  water  with  a cloth,  in 
case  of  no  specific  agreement  to  the  contrary.  One  per 
cent  for  drainage  shall  be  allowed  on  pickled  meats. 

Sec.  14.  To  determine  the  tare  of  lard,  the  package 
shall  first  be  weighed  gross,  the  lard  then  removed,  and 
the  empty  package  subjected  to  dry  heat  and  drained, 
the  empty  package  to  be  then  weighed  and  its  weight 
deducted  from  the  gross  weight.  The  difference  so  ob- 
tained shall  be  considered  the  net  weight  of  the  lard. 

Sec.  15.  In  case  lard  in  tierces  be  delivered  of  a 
weight  more  or  less  than  320  lbs.  net  per  tierce,  the 
shortage  or  excess  shall  be  settled  for  at  the  current 
market  price,  but  the  full  number  of  packages  con- 
tracted for  shall  be  delivered.  In  the  settlement  of  con- 


Settlements. 


GENERAL  RULES. 


59 


tracts  for  lard,  320  lbs.  net  shall  be  taken  as  the  average 
weight  of  a tierce. 

Sec.  16.  Provisions,  if  desired  by  the  purchaser,  must  Deliveries  by 

car  or  team. 

be  delivered  at  cars  or  on  teams,  from  packing  house  or 
store,  free  of  charge.  All  deliveries  of  provisions  in 
store  shall  be  free  of  storage  to  the  buyer  for  five  (5) 
days,  or,  if  in  packing  houses,  for  three  (3)  days  from  the 
time  the  seller  signifies  his  readiness  to  deliver,  and  any 
extra  expenses  attending  the  examination  of  provisions 
are  to  be  paid  by  the  party  ordering  the  same. 

Sec.  17.  The  standard  net  weight  of  meats  packed  in  standard  net 

weight  of  meat 

boxes  shall  be  between  400  and  485  pounds  for  each  box, inboxes, 
and  in  all  settlements  or  deliveries  of  boxed  meats  an 
average  of  450  pounds  net  per  box  shall  be  made  the 
basis  for  settlement,  and  the  excess  or  shortage  from 
said  average  shall  be  settled  at  the  market  value  of  the 
property  delivered  at  the  time  of  its  delivery.  But  in 
case  of  delivery  the  full  number  of  packages  contracted 
for  must  be  delivered. 

Sec.  18.  Long  clear  sides  shall  not  average  less  than  weight  of 
forty-five  (45)  pounds;  short  clear  sides  shall  not  aver-^^^^^' 
age  less  than  forty  (40)  pounds ; and  short  rib  sides  shall 
not  average  less  than  thirty  (30)  pounds,  and  dry  salted  Shoulders, 
shoulders  shall  not  average  less  than  twelve  (12)  pounds, 
to  be  standard  and  regular  on  delivery,  either  loose  or  ‘ 
boxed. 

Sec.  19.  On  an  examination  by  an  Inspector  of  Dry  on 
Salted  meats,  in  bulk  or  for  boxing,  if  over  twenty  (20)  to  bf?4uia?.^ 
per  cent  turns  out  rejected,  he  shall  not  be  required  to 
take  the  lot  in  that  condition. 


60 


BOAED  or  TRADE,  CHICAGO. 


Unsound  hams  Sec.  20.  A delivery  of  sweet  pickled  hams  or  shoul- 

or  shoulders. 

ders  shall  be  considered  regular  if  they  average  not  over 
two  (2)  pieces  unsound  per  tierce,  and  a deduction  of 
twenty-five  (25)  per  cent  on  the  price  shall  be  made  on 
the  unsound. 


RULE  XXX. 

TARES. 

Packages  to  be  SECTiOi^  1.  In  the  Sale  of  any  property  in  packages, 
involving  the  question  of  tare,  the  actual  weight  of  pack- 
ages (to  be  ascertained  by  stripping,  at  the  time  of  deliv- 
ery) shall  be  deducted  from  the  gross  weight. 

RULE  XXXI. 

Repeal.  SECTION  1.  All  former  Rules,  By-Laws  and  Regula- 

pending  tions  of  the  Association  are  hereby  repealed : Provided, 

complaints 

and  defaults,  pending  complaints  and  complaints  based  on  transac- 
tions or  defaults  which  have  occurred  prior  to  the  adop- 
tion hereof,  shall  be  governed  by  the  rules  heretofore  in 
force,  except  that  it  shall  not  be  required  that  such  com- 
plaints shall  be  heard  or  investigated  by  the  Committee 
of  Reference. 


BY-LAWS. 


ARTICLE  I. 

At  all  general  or  stated  meetings  of  the  Association  or  stated  meet- 

ings ; order  of 

Board  of  Directors,  the  following  shall  be  the  order  of  Proceedings, 
business : 

Call  to  order. 

Reading  minutes  of  previous  meeting  (which  may  be 
dispensed  with). 

Hearing  reports. 

General  business. 

Adjournment. 


ARTICLE  II. 

At  all  special  meetings  of  the  Association  or  Board  of  Business 

of  special 

Directors,  only  such  special  business  shall  be  considered  meetings, 
as  was  expressly  embraced  in  the  call  for  such  meeting. 

ARTICLE  HI. 

When  any  member  requires  it,  the  mover  of  a propo-  on  debates, 
sition  shall  put  the  same  in  writing.  Ho  debate  shall 
be  permitted,  except  on  a motion  regularly  made  and 
seconded.  A member,  however,  shall  not  be  prevented 


62 


BOARD  OF  TRADE,  CHICAGO. 


Limitations 
upon  debate. 


(iuestiou  of 
order. 


Appeals. 


Interruptions 
and  privileged 
questions. 


from  prefacing  with  explanatory  remarks,  any  proposi- 
tion he  may  he  about  to  make. 

ARTICLE  IV. 

Every  member  who  speaks  shall  rise  and  address  the 
President,  and  no  person  shall  speak  more  than  twice 
on  the  same  subject,  except  by  way  of  explanation,  if 
objection  is  made  thereto,  unless  permitted  to  proceed 
by  a majority  of  those  present. 

ARTICLE  V. 

The  presiding  officer  shall  be  judge  of  all  questions  of 
order  and  proceedings,  and  when  the  rules  of  the  Asso- 
ciation or  of  parliamentary  order  are  infringed  upon,  he 
may  call  any  member  to  order.  A member  may  appeal 
to  the  Association  on  any  question  of  parliamentary  pro- 
ceeding, not  provided  for  by  the  Rules  or  By-Laws  of  the 
Association,  or  by  a special  order,  and,  if  seconded  on 
such  appeal,  a majority  of  the  members  present  shall 
decide  the  question  at  issue. 

ARTICLE  VI. 

No  business  before  any  meeting  of  the  Association 
shall  be  interrupted,  except  by  motion  for  the  previous 
question,  to  lay  upon  the  table,  to  postpone,  or  to  ad- 
journ, and  such  rnotion  shall  preclude  amendment  or 
decision  of  the  original  subject,  until  such  motion  shall 
be  disposed  of. 


BY-LAWS. 


63 


ARTICLE  VIL 


A member  may  call  for  the  division  of  a question  Division  of  the 

question. 

when  the  sense  will  admit  of  it.  A motion  to  lay  upon  what  motions 

not  debatable. 

the  t^ble,  or  to  indefinitely  postpone,  shall  not  be  debat- 
able, and  a proposition,  once  acted  upon,  shall  not  be 
revived  at  the  same  meeting,  except  by  a vote  to  recon- 
sider; and  a motion  to  reconsider  shall  not  be  enter- Reconsidera- 
tion—when  in 

tained,  except  at  the  same  or  the  next  meeting  after  the 
former  action,  and  then  only  when  made  by  a member 
absent  or  voting  with  the  majority. 


ARTICLE  VIII. 


Xo  vote  shall  be  taken  on  ’Change,  other  than  one  Votes  on 

’Change. 

relating  to  decease  of  a member,  or  on  a question  of  ad- 
journment, except  when  notice  has  been  given  at  least 
one  day,  or  by  unanimous  consent.  Upon  demand  of  Reference  to  a 

special  meeting. 

one-third  of  the  members  present,  any  question,  except 
as  herein  named,  shall  be  referred  to  a meeting  of  the 
Association  at  some  time  other  than  the  usual  hours  of 
’Change. 


ARTICLE  IX. 

All  questions  of  order  or  proceedings  provided  for  by  Application  of 
the  Rules  and  By-Laws,  shall  be  held  to  govern  both 
the  Association  and  the  Board  of  Directors,  so  far  as 
they  may  be  applicable. 


64 


BOARD  OF  TRADE,  CHICAGO. 


Rules  and 
By-Laws  — 
how  altered 
or  amended. 


Directors  may 
alter  grades. 


ARTICLE  X. 

None  of  the  foregoing  Rules  or  By-Laws  shall  be 
rescinded  or  altered,  nor  shall  any  new  Rules  Regula- 
tions or  By-Laws  be  adopted,  unless  by  an  affirmative 
ballot  vote  of  a majority  of  the  members  present  (their 
number  being  not  less  than  three  hundred)  at  a regular 
or  called  meeting  of  the  Association,  and  after  notice 
of  the  proposed  change  shall  have  been  conspicuously 
posted  in  the  Exchange  Room  of  the  Association  for  at 
least  ten  (10)  days  immediately  preceding.  No  proposi- 
tion to  amend  the  Rules,  Regulations  or  By-Laws,  shall 
be  acted  upon  by  the  Association,  unless  it  has,  pre- 
viously to  being  posted  as  above,  been  approved  by  a 
majority  of  the  Board  of  Directors,  at  a regular  meeting 
of  the  said  Board,  or  has  been  proposed  in  writing  by  at 
least  twenty-five  (25)  members,  nor  until  such  proposi- 
tion shall  have  been  submitted  to  a regular  or  special 
meeting  of  the  Association  (not  during  the  regular 
business  hours  on  ’Change)  for  discussion,  at  least  one 
day  previous  to  final  action  thereon,  at  which  meeting 
the  proposition  may  be  amended  or  modified  in  any  way 
that  is  germane  to  its  original  intent:  Provided^  the 
Board  of  Directors  may  fix,  alter  or  repeal  any  Regula- 
tions establishing  grades  or  standards  of  inspection,  as 
contemplated  by  Rule  IV,  Section  18. 


REGULATIONS  EOR  THE  INSPECTION 
OF  PROVISIONS. 


Regulation  1.  For  the  examination  of  provisions  Duty  of 

inspectors. 

sold  as  Standard,  it  shall  be  the  duty  of  any  Inspector 
0 properly  appointed  by  the  Association,  on  receiving  no- 
tice, to  go  to  any  packing  house  or  warehouse  in  the 
city,  to  examine  provisions,  in  such  quantities  as  may 
be  required,  selecting  the  same  in  such  a manner,  from 
the  lots  specified,  as,  in  his  judgment,  will  give  a fair 
sample  of  the  whole. 

Reg.  2.  If,  upon  examination,  the  property  is  found,  certificates, 
in  all  respects,  up  to  the  requirements  of  the  classifica- 
tion of  the  grades  adopted  by  the  Association,  he  shall 
issue  a certificate  to  that  effect,  which  certificate  shall 
state  the  number  of  packages,  pieces  or  pounds  exam- 
ined, and  also  the  number  of  packages,  pieces  or  pounds 
in  the  lot  to  which  the  examination  is  intended  to  apply, 
and  that  the  packages  (if  any)  are  in  good  merehan table 
order  and  condition.  In  the  case  of  Lard,  no  certificate 
for  inspection  shall  be  issued  unless  every  package  is  ex- 
amined ; but,  on  request  of  the  owner  or  person  order- 
ing the  inspection,  the  Inspector  may  examine  a part  of 
a lot,  and  issue  a certificate  of  such  examination,  stating 
the  number  of  packages  examined,  and  also  the  whole 

number  of  packages  in  the  lot. 

5 


66 


BOAKD  OF  TKADE,  CHICAGO. 


Kenioval  of 
provisions. 


Fees. 


Eepacked 

provisions 


Eeg.  3.  When  necessary  to  remove  property  for  the 
convenience  of  examination,  it  shall  be  the  duty  of  the 
Inspector  to  send  for  the  same,  that  a fair  sample  may 
be  obtained.  In  no  case  should  a certificate  be  granted 
on  samples  delivered  by  the  seller. 

Eeg.  4.  The  fees  for  inspection  shall  be:  For  all 
Pickled  Meats  (including  repacking  and  coopering), 
one  dollar  per  package  for  first  five  packages.  For  Bulk 
or  Boxed  Meats,  twenty-five  cents  per  one  thousand 
pounds.  For  Lard,  five  cents  per  package.  For  strip-  ^ 
ping  Lard,  one  dollar  per  package.  All  inspection  fees 
to  be  paid  by  the  buyer  unless  the  property  is  rejected ; 
then  to  be  paid  by  the  seller. 

Eeg.  5.  It  shall  be  the  duty  of  the  Inspector,  when 
requested  by  the  owner,  either  at  any  packing  house, 
warehouse,  or  in  yards  provided  by  the  Inspector,  to 
overhaul  and  inspect  provisions,  according  to  the  quali- 
fications and  classifications  authorized;  two  hundred 
pounds  of  meat,  with  abundance  of  good  salt,  to  be  re- 
packed into  each  barrel,  and  cooperage  to  be  put  in  good 
order;  each  barrel  of  Provisions  that  is  sound,  sweet  and 
free  from  any  and  every  defect,  to  have  grade  and  date  of 
inspection  branded  thereon,  and  the  word  Eepacked,”  as 
hereinafter  specified ; and  any  portion  that  is  defective 
to  be  branded,  in  like  manner,  Eusty,  Sour,  or  Tainted, 
as  the  case  may  be ; the  said  brand  to  be  placed  with 
the  Inspector’s  brand  across  the  regular  packer’s  brand ; 
such  provisions,  according  to  the  grade  or  quality,  to  be 
classed  as  “ Eepacked  200  lbs.” 


INSPECTIOJf  OF  PKOVISIONS. 


67 


Eeg.  6.  The  Inspectors  shall  use  metallic  letters  and  Branding 

implements. 

figures,  marking  iron  or  stencil  for  their  dates  and  class 
of  inspection. 

Eeg.  7.  It  shall  also  be  the  duty  of  the  Inspector  to  Branding, 
put  his  metallic  brand,  marking  iron,  or  stencil  on  all 
samples  of  Provisions  in  tierces  or  barrels  that  he  inspects ; 
and  he  shall  pass  no  Hog  products  in  tierces  or  barrels  as 
Standard,  unless  the  real  packer’s  name,  location,  num- 
ber of  pieces,  date  and  weight  of  the  products  contained 
therein  are  branded  according  to  these  rules,  on  the  head 
of  every  package. 

Eeg.  8.  Should  the  Inspector  be  called  upon  to  inspect  Pickled  meats. 
Pickled  meats,  and  upon  examination,  he  should  be  of 
the  opinion  that  the  number  of  pounds  required  by  these 
rules  had  not  been  originally  packed,  he  shall  not  pass 
them  as  Standard,  but  shall  refer  the  matter  at  once  to 
the  Committee  on  Provision  Inspection,  who  shall  inves- 
tigate, and  if  a satisfactory  explanation  can  be  given  or 
arrived  at,  they  shall  instruct  the  Inspector  to  proceed 
and  inspect  and  pass  them;  but  if  not  satisfactory  to 
the  Committee,  they  shall,  in  their  judgment,  make  the 
fact  known  to  the  Association  in  any  way  they  may 
think  most  proper. 

Eeg.  9.  Contents  of  each  package  of  Pickled  Meats  uniformity  of 

contents. 

must  show  a reasonable  uniformity  in  weight,  according 
to  its  class. 

Eeg.  10.  It  shall  be  the  further  duty  of  the  Inspectors,  visitation  of 

• . packinghouses. 

during  the  packing  season,  to  visit  frequently  the  different 
packing  houses  to  see  that  Provisions  are  properly  dated 
and  branded  at  time  of  being  packed. 


68 


BOARD  OF  TRADE,  CHICAGO. 


Cut  of  sides  may  . Keg.  11.  Dry  Salted  Eough  Sides  may  be  made  into 
bechanced.  qj.  Short  Clear  Sides,  and  Dry  Salted  Short 

Rib  Sides  may  be  made  into  Short  Clear  Sides,  if,  in  all 
other  respects,  they  are  up  to  the  requirements,  and  shall 
be  classed  as  Standard. 

Technicalities.  Reg.  12.  All  the  foregoing  Regulations  must  be  justly 
and  liberally  construed,  and  no  property  shall  be  rejected 
or  condemned  on  mere  technicalities. 


REQUIREMENTS  AS  TO  CUT  AND  PACKING 
OF  HOG  PRODUCTS. 


BARRELED  PORK. 

MESS  PORK. 

Standard  Mess  Pork  should  be  made  from  sides  of  standard, 
well-fatted  Hogs,  split  through  or  on  one  side  of  the 
backbone,  and  equal  proportions  on  both  sides,  cut  into 
strips  of  reasonably  uniform  width,  properly  flanked  and 
not  b^ackstrapped. 

One  hundred  and  ninety  (190)  pounds  of  Green  Meat,  190  pounds 

green  meat. 

and  between  March  1 and  November  1 two  hundred  (200) 
pounds,  numbering  not  over  sixteen  (16)  pieces,  including  Proportion, 
the  regular  proportion  of  flank  and  shoulder  cuts,  placed 
four  layers  on  edge,  without  excessive  crowding  or  bruis- 
ing, shall  be  packed  in  each  barrel,  with  not  less  than 
thirty  (30)  pounds  of  coarse  salt,  and  barrel  filled  with 
brine  of  full  strength,  or  thirty  (30)  pounds  of  coarse  Brine, 
salt,  and  in  addition  thereto,  fifteen  (15)  pounds  of  salt, 

and  barrel  filled  with  cold  water. 

/ 

PRIME  MESS  PORK. 

Prime  Mess  Pork  should  be  made  from  the  Shoulders  size  of  hogs— 

Style  of  cut. 

and  Sides  of  Hogs  weighing  from  one  hundred  (100)  to 
one  hundred  and  seventy-five  (175)  pounds,  net,  to  be 
cut  as  near  as  practicable  into  square  pieces  of  four  (4) 


70 


BOARD  OF  TRADE,  CHICAGO. 


Weight. 

Proportion 
of  pieces. 

Brine. 


Make  and  cut. 


Requirements. 


Requirements. 


pounds  each ; the  shank  of  the  Shoulder  to  he  cut  off 
close  to  the  breast. 

One  hundred  and  ninety  (190)  pounds  of  Green  Meat 
in  the  proportion  of  twenty  (20)  pieces  of  Shoulder  cuts 
to  thirty  (30)  pieces  of  Side  cuts,  shall  be  properly 
packed  in  each  barrel,  with  not  less  than  twenty  (20) 
pounds  of  coarse  salt,  and  barrel  filled  with  brine  of  full 
strength ; or,  twenty  (20)  pounds  of  coarse  salt,  and  in 
addition  thereto,  fifteen  (15)  pounds  of  salt,  and  barrel 
filled  with  water.  There  shall  also  be  put  into  each  bar- 
rel twelve  (12)  ounces  of  saltpetre. 

EXTRA  PRIME  PORK. 

Extra  Prime  Pork  should  be  made  from  heavy  un- 
trimmed Shoulders,  cut  into  three  (3)  pieces;  the  leg 
to  be  cut  off  close  to  the  breast,  and  in  all  other  respects 
to  be  cut,  selected  and  packed  as  Mess  Pork. 

LIGHT  MESS  PORK. 

Light  Mess  Pork  should  be  made  from  Sides  of  rea- 
sonably well-fatted  Hogs ; and  in  all  other  respects  ^to 
be  cut,  selected  and  packed  same  as  Mess  Pork,  except 
that  as  many  as  twenty- two  (22)  pieces  may  be  put  into 
each  barrel. 


BACK  PORK. 

Back  Pork  should  be  made  from  backs  of  Hogs  after 
bellies  have  been  taken  off,  cut  into  pieces  of  about  six 
(6)  pounds  each,  and  in  all  other  respects  to  be  cut, 
selected  and  packed  in  the  sanie  manner  as  Mess  Pork; 


EEQUIREMENTS  AS  TO  CUT  AKD  PACKING. 


71 


EXTRA  SHOULDER  PORK. 

Extra  Shoulder  Pork  should  be  made  from  heavy  Requirements, 
trimmed  Shoulders,  cut  into  three  (3)  pieces;  the  leg  to 
be  cut  off  close  to  the  breast,  and  in  all  other  respects 
to  be  cut,  selected  and  packed  in  the  same  manner  as 
Mess  Pork. 


EXTRA  CLEAR  PORK. 

Extra  Clear  Pork  should  be  made  from  the  Sides. of  Requirements, 
extra  heavy,  well-fatted  Hogs,  the  backbone  and  ribs 
to  be  taken  out,  the  number  of  pieces  in  each  barrel 
not  to  exceed  fourteen  (14),  and  in  all  other  respects 
to  b^  cut,  selected  and  packed  in  the  same  manner  as 
Mess  Pork. 


CLEAR  PORK. 

Clear  Pork  should  be  made  from  the  Sides  of  extra  Requirements, 
heavy,  well-fatted  Hogs,  the  backbone  and  half  the  rib 
next  the  backbone  to  be  taken  out,  the  number  of  pieces 
in  each  barrel  not  to  exceed  fourteen  (14),  and  in  all 
other  respects  to  be  cut,  selected  and  packed  in  the 
same  manner  as  Mess  Pork. 

CLEAR  BACK  PORK. 

Clear  Back  Pork  should  be  made  from  the  backs  of  Requirements, 
heavy,  well-fatted  Hogs,  after  bellies  have  been  taken 
off  and  backbone  and  ribs  taken  out,  cut  into  pieces  of 
about  six  (6)  pounds  each,  and  in  all  other  respects  to 
be  packed  in  the  same  manner  as  Mess  Pork. 


TZ 


BOAED  OF  TEADE,  CHICAGO. 


Kequirements. 


How  cut. 

Weight. 


Tickle. 


How  cut. 

W eight. 
Pickle. 


EUMPS. 

Eumps  should  be  trimmed  with  only  enough  taken 
off  to  make  them  neat  and  smooth ; the  tails  to  be  cut 
off  close,  and  in  all  other  respects  to  be  cut,  selected 
and  packed  in  the  same  manner  as  Mess  Pork. 


PICKLED  MEATS. 

STANDAED  SWEET  PICKLED  HAMS. 

Standard  Sweet  Pickled  Hams  should  be  cut  short 
and  well  rounded  at  the  butt,  properly  faced,  shank  cut 
in  or  above  the  hock  joint;  to  be  reasonably  uniform 
in  size,  and  average,  in  lots,  not  to  exceed  sixteen  (16) 
pounds.  Three  hundred  (300)  pounds,  block  weight, 
shall  be  packed  in  each  tierce,  with  either  twenty-four 
(24)  pounds  of  salt,  three  (3)  quarts  of  good  syrup, 
twelve  (12)  ounces  of  saltpetre,  and  tierces  filled  with 
water;  or  tierce  filled  with  sweet  pickle,  made  according 
to  above  standard. 

STAHDAED  SWEET  PICKLED  SHOULDEES. 

Standard  Sweet  Pickled  Shoulders  should  be  well  cut 
and  trimmed,  reasonably  uniform  in  size,  and  average, 
in  lots,  not  to  exceed  sixteen  (16)  pounds.  Three 
hundred  (300)  pounds,  block  weight,  shall  be  packed  in 
each  tierce.  Pickle  the  same  as  used  for  Hams. 


EEQUIREMENTS  AS  TO  CUT  AKD  PACKII^G. 


73 


KEW  YORK  SHOULDERS. 

New  York  Shoulders  should  be  made  from  small,  Requirements, 
smooth  Hogs,  shank  cut  off  one  inch  above  knee  joint, 
trimmed  close  and  smooth,  reasonably  uniform  in  size, 
and  to  average,  in  lots,  not  to  exceed  fourteen  (14) 
pounds.  Three  hundred  (300)  pounds,  block  weight,  weight  and 

pickle. 

shall  be  packed  in  each  tierce.  Pickle  the  same  as  used 
for  Hams. 


SWEET  PICKLED  BELLIES. 

Sweet  Pickled  Bellies  should  be  made  from  nice  Requirements; 
smooth  Hogs,  well  cut  and  trimmed,  to  average,  in  lots, 
not  to  exceed  fourteen  (14)  pounds. 

Three  hundred  (300)  pounds,  block  weight,  shall  be  weight  and 

pickle. 

packed  in  each  tierce.  Pickle  the  same  as  used  for 
Hams. 


BRAKDIKTG. 

The  packer’s  name,  location,  number  of  pieces,  and  Requirements, 
date  of  packing,  shall  be  branded  on  the  head  of  each 
package  of  Pickled  Meats  at  the  time  of  packing. 

UNIFORMITY  OF  PICKLED  MEATS. 

All  Pickled  Meats  should  be  sized  when  packed  — To  he  uniform, 
the  light,  medium  and  heavy  separately,  as  nearly  as 
practicable. 


74 

BOAKD  OF  TKADE,  CHICAGO. 

How  cut. 

CUT  MEATS. 

HAMS. 

Hams  should  be  cut  short,  well  rounded  at  the  butt, 
properly  faced,  cut  in  or  above  the  hock  joint. 

How  cut  and 
handled. 

SHOULDERS. 

Shoulders  should  be  cut  as  close  as  possible  to  the 
back  part  of  the  forearm  joint,  butted  off  square  on  top ; 
neckbone  and  short  ribs  taken  out,  blood  vein  lifted  and 
cut  out,  breast  flap  to  be  trimmed  off,  and  foot  to  be  cut 
off  in  or  above  the  knee  joint. 

BEADED  SHOULDERS. 

Shoulder-blade  Bladed  Shoulders  should  be  cut  the  same  as  Standard 


out. 

Shoulders,  excepting  the  shoulder-blade  to  be  taken  out 
and  the  corners  rounded. 

How  made. 

ROUGH  SIDES. 

Eough  Sides  should  be  made  by  splitting  the  Hog 
through  or  on  one  side  of  the  backbone,  and  an  equal 
proportion  of  both  Sides  must  be  delivered  on  sales  to 
make  them  Standard. 

How  made. 

SHORT  CLEAR  SIDES. 

To  make  Short  Clear  Sides,  the  backbone  and  ribs 
should  be  taken  out,  henchbone  and  breastbone  sawed 
or  cut  down  smooth,  and  even  with  the  face  of  the  Side ; 
feather  of  bladebone  not  to  be  taken  out,  and  Sides  not 
to  be  backstrapped  or  flanked. 

KEQUIREMEKTS  AS  TO  CUT  AND  PACKING. 


75 


SHORT  RIB  SIDES. 

To  make  Short  Eib  Sides,  the  backbone  should  be  How  made, 
taken  out,  henchbone  and  breastbone  sawed  or  cut  down 
smooth  and  even  with  the  face  of  the  Side;  feather  of 
bladebone  not  to  be  taken  out,  and  Sides  not  to  be  back- 
strapped  or  flanked. 

LONG  CLEAR  SIDES. 

To  make  Long  Clear  Sides,  the  backbone,  shoulder  How  made, 
bones  and  ribs  must  be  taken  out,  leg  cut  off  close  to  the 
brisket,  henchbone  and  breastbone  sawed  or  cut  down 
smooth  and  even  with  the  face  of  the  Side,  and  Sides  not 
to  be  backstrapped  or  flanked. 

CUMBERLAND  SIDES. 

To  make  Cumberland  Sides,  the  Side  and  Shoulder  how  made, 
should  be  left  together  in  one  piece,  leg  cut  otf  below 
the  knee  joint;  shoulder  ribs,  neckbone  and  backbone 
taken  out;  blood  vein  lifted  and  cut  out;  henchbone  and 
breastbone  sawed  or  cut  down  smooth  and  even  with 
the  face  of  the  Side,  and  Sides  not  to  be  backstrapped  or 
flanked. 

LONG  RIB  SIDES. 

Long  Rib  Sides  should  be  made  same  as  Cumberlands,  how  made, 
except  that  the  shoulder  bones  must  be  taken  out,  and 
leg  cut  otf  close  to  the  brisket. 

STRETFORD  SIDES. 

Stretford  Sides  should  be  made  from  Hogs  weighing  iiow  made, 
about  140  to  160  pounds  net;  backbone  and  half  of  the 


76 


BOARD  OF  TRADE,  CHICAGO. 


How  made. 


How  made. 


How  made. 


How  made. 


How  made. 


ribs  taken  out,  bladebone  taken  out,  knuckle  left  in,  and 
foot  cut  off  close  to  the  breast. 

BIRMINGHAM  SIDES. 

Birmingham  Sides  should  be  made  from  Hogs  weigh- 
ing about  170  pounds  net;  backbone,  ribs  and  bladebone 
taken  out,  pocket  piece  cut  out  and  pocket  nicely 
rounded,  knucklebone  left  in,  and  leg  cut  off  close  to 
the  breast. 


SOUTH  STAFFORDSHIRE  SIDES. 

South  Staffordshire  Sides  should  be  made  the  same  as 
Birmingham,  except  loin  taken  out  full  to  top  of  shoul- 
der-blade, leaving  only  a thin  strip  of  lean  along  the 
back;  knuckle  left  in,  and  leg  cut  off  close  to  the  breast. 

YORKSHIRE  SIDES. 

Yorkshire  Sides  should  be  made  the  same  as  Cumber- 
lands,  with  ribs  out  and  leg  cut  off  about  two  inches 
above  the  knee. 


IRISH  CUT  SIDES. 

Irish  Cut  Sides  should  be  made  the  same  as  Long  Clear, 
except  top  of  the  pocket  cut  off,  knuckle-bone  left  in. 

LONG  HAMS. 

Long  Hams  should  be  cut  from  the  Side  by  separat- 
ing with  a knife  the  hipbone  from  the  rump,  properly 
rounded  out,  foot  unjointed  at  first  joint  below  the 
hock  joint. 


REQ.UIEEMEKTS  AS  TO  CUT  AND  PACKING. 


77 


SOUTH  STAFEOEDSHIRE  HAMS. 

South  Staffordshire  Hams  should  be  cut  short,  hip- How  made, 
bone  taken  out  at  socket  joint,  hock  unjointed  at  first 
joint  below  the  hock  joint. 

UNIFORMITY  OF  BOXED  MEATS. 

In  packing  Meats  in  boxes,  the  pieces  should  be  Direction  for 

° packing. 

classified  — the  light,  medium  and  heavy  separately, 
as  nearly  as  practicable,  in  packages  made  to  suit  the 
different  sizes. 

LARD. 

CHOICE  LARD. 

Choice  Lard  to  be  made  from  leaf  and  trimmings  Requirements, 
only,  either  steam  or  kettle  rendered,  the  manner  of 
rendering  to  be  branded  on  each  tierce. 

PRIME  STEAM  LARD. 

Prime  Steam  Lard  shall  be  Standard  made  from  the  Requirements, 
head,  gut,  leaf  and  trimmings,  in  the  proportion  in 
which  the  same  came  from  the  hog. 

PACKAGES. 

COOPERAGE. 

Cooperage  shall  be  made  of  well-seasoned  White  or  Materials. 
Burr  Oak,  free  from  objectionable  sap. 

BARRELS. 

For  barrels,  staves  should  be  five-eighths  (f)  of  an  Dimensions, 
inch  thick,  twenty-nine  (29)  or  thirty  (30)  inches  long ; 


78 


BOARD  OF  TRADE,  CHICAGO. 


Hoops. 


Dimensions. 


Hoops. 


How  made  and 
secured. 


heads  eighteen  (18)  inches,  one  (1)  inch  thick  in  center, 
and  three-eighths  (f)  at  bevel;  hoops  hickory,  or  white 
oak,  to  be  hooped  not  less  than  eleven-sixteenths  (i^). 

TIERCES. 

Tierces  for  Hams,  Shoulders,  Beef  or  Lard,  should  be 
thirty-two  (32)  inches  long  with  a twenty-one  (21)  inch 
head,  or  thirty-three  (33)’inches  long  with  a twenty  and 
one-half  (20^)  inch  head ; staves  to  be  chamfered  at  the 
head.  Quality  of  staves  and  hoops  to  be  the  same  as  for 
barrels ; staves  (f ) of  an  inch  thick ; heads  same  thick- 
ness as  for  barrels ; hooped  eleven-sixteenths  (|-|-).  Iron- 
bound  tierces  for  Lard,  Hams  or  Shoulders,  shall  be 
classed  as  Standard  if  made  in  compliance  with  the 
requirements  of  this  rule,  as  to  heading  and  staves,  and 
hooped  with  not  less  than  four  good  hoops  on  each 
end. 

BOXES. 

Boxes  should  be  made  of  sound  common  boards, 
reasonably  dry,  one  inch  thick,  dressed  on  one  side,  not 
over  three  strips  to  each  end,  side,  bottom  or  top ; to 
have  good,  strong,  hardwood,  whitewood  or  sap  pine 
stays  inside  each  corner;  should  be  well  nailed  and 
strapped  with  birch,  oak  or  hickory  straps  around  each 
end,  to  lap  three  inches  on  the  cover.  Boxes  should  be 
nailed  together  with  tenpenny  nails,  and  the  stays 
nailed  in  with  eightpenny  nails. 


REGULATIONS  FOR  THE  INSPECTION 
OF  FLOUR. 


Eegulationt  1.  SOUKD. — To  be  strictly  sound,  free  sound, 
from  any  or  every  defect  or  fault  causing  either  smell 
or  taste. 

Reg.  2.  WEEDY. — Flour  made  from  wheat  that  has  weedy, 
come  in  contact  with  a noxious  weed,  imparting  an  un- 
pleasant smell,  which  it  is  supposed  will  cook  out. 

Reg.  3.  UNSOUND. — All  Flour  not  Sound  or  Weedy,  Unsound, 
whether  the  unsoundness  is  derived  from  the  condition 
of  the  wheat  or  has  originated  in  the  Flour.  The  In- 
spectors are  required  to  note  on  their  certificate  the 
character  of  the  unsoundness,  such  as  musty,  hard  sour, 
soft  sour,  or  slightly  unsound;  the  latter  explanation 
of  the  unsoundness  being  intended  to  indicate  that  the 
Flour  will  probably  work  sound  for  immediate  use,  and 
is  but  slightly  depreciated  in  value. 

Reg.  4.  All  Flour  that  inspects  sound  and  full  weight  inspection  and 

° Branding. 

shall  be  branded,  and  none  other ; except  when  part  of 
a lot  proves  so  far  below  sample  as  to  be  clearly  differ- 
ent, the  Inspectors  may  omit  branding  the  barrels  that 
are  below,  and  it  shall  be  their  duty,  when  working  to  a 
sample,  to  state  on  their  certificate  the  number  of  bar- 
rels above  or  below  the  sample,  and  have  a sample  or 
samples  of  the  same,  which  the  parties  may  examine ; 


80 


INSPECTION  OF  FLOUK. 


Certificates. 


Weights. 


Inspectors’ 

liabilities. 


Grades  — 

“ extra”  and 
“ superfine.” 


Standard 

samples. 


also,  to  state  on  their  certificates,  when  the  Flour  is  Un- 
sound or  Weedy,  the  number  of  barrels  of  each  descrip- 
tion, and  also,  wdien  practicable,  the  number  of  barrels 
that  are  so  stained  or  out  of  condition,  as  to  depreciate 
the  market  value  of  the  Flour.  When  Flour  has  been 
overhauled  and  cleaned  on  account  of  being  wet,  the  In- 
spectors shall  note  on  their  certificate,  wet  and  cleaned, 
either  by  Inspector  or  by  owner,  as  the  case  may  be. 
The  Inspectors  shall  satisfy  themselves  in  regard  to 
weights,  and  in  case  they  deem  it  necessary  to  strip 
some  of  the  Flour,  they  shall  be  entitled  to  twenty-five 
(25)  cents  for  each  barrel  so  stripped  (if  it  proves  to  be 
short  weight),  in  addition  to  the  regular  fee  of  two  cents 
per  barrel  for  inspecting  and  branding.  The  charge  for 
stripping  shall  be  paid  by  the  seller.  Uo  certificate 
shall  be  issued  for  a part  of  a lot  of  Flour  inspected, 
without  the  consent  of  both  the  buyer  and  seller.  The 
Inspectors  shall  only  be  liable  to  damage  for  any  dis- 
crepancy between  the  Flour  for  which  a certificate  is 
issued,  and  the  sample  which  they  retain  of  the  Flour 
so  inspected,  unless  the  buyer  hands  them  the  sample  to 
inspect  by,  or  the  standard  sample  is  used. 

Eeg.  5.  The  Directors  shall  establish  grades  of  Extra 
and  Superfine,  with  a proper  standard  for  each  grade; 
samples  of  these  standards  shall  be  furnished  to  the 
Flour  Inspectors,  and  also  to  the  Secretary  of  the  Asso- 
ciation. It  shall  be  the  duty  of  the  Inspector  to  furnish 
monthly  (or  oftener,  if  directed)  to  the  Flour  Inspection 
Committee,  for  the  use  of  the  Secretary  of  the  Board, 
the  standard  samples  that  they  are  working  to. 


INSPECTION  OF-  FLOUR. 


81 


Reg.  6.  Whenever  desired  to  do  so  by  both  parties  to  inspection  by 

standard. 

a trade,  the  Inspectors  shall  inspect  by  such  standards, 
under  the  same  rules  which  govern  inspection  by  sample; 
it  being  understood  that,  in  such  trades,  the  Inspector’s 
certificate  of  sound,  full  weight,  and  equal  to  standard 
of  extra  (or  superfine),  shall  be  satisfactory,  and  in  no 
other  respect  is  inspection  by  grade  to  vary  from  the 
rules  established  for  inspection  by  sample. 

Reg.  7.  In  all  cases  of  claims  for  errors  in  inspection  ch.ims  lor 

errors. 

by  grade,  the  final  test  shall  be  by  the  standard  samples 
in  the  care  of  the  Secretary  of  the  Association. 

Reg.  8.  Besides  the  stencils  already  in  use  the  Inspect-  stenciis. 
ors  shall  provide  others,  stating  the  grade  as  well  as  the 
month  of  inspection,  and,  whenever  desired  by  either 
buyer  or  seller,  the  latter  stencils  shall  be  used.  But  no 
Unsound,  Weedy  or  light  weight  Flour  shall  be  stenciled 
in  any  way  by  the  Inspectors. 

Reg.  9.  Flour  shall  be  sold  on  the  basis  of  one  bun-  Weight, 
dred  and  ninety-six  pounds  to  the  barrel.  In  case  of 
short  weight,  the  buyer  shall  be  allowed  at  the  rate  he 
pays,  and  three-fourths  of  a cent  per  pound  on  same  for 
freight,  and  in  addition,  five  (5)  cents  per  barrel  for  the 
expense  of  refilling. 


HEGULATIONS  FOR  THE  INSPECTION 
OF  HAY.- 


No.  1 Timothy  — Shall  be  Timothy,  and  not  more  RequiremeDts. 
than  one  fifth  of  other  tame  grasses  mixed;  good  color, 
well  cured,  and  free  from  must. 

No.  2 Tiaiothy  — Shall  be  Timothy,  and  not  more  Requirements, 
than  one-third  of  other  tame  grasses  mixed ; good  color, 
well  cured,  and  free  from  must. 

Mixed  Hay  — Shall  consist  of  tame  grasses,  mixed ; Requirements, 
good  color,  well  cured,  and  free  from  must. 

Prime  Prairie  — Shall  be  purely  upland  Hay,  free  Requirements, 
from  swail  grasses;  good  color,  well  cured,  and  free 
from  must. 

No.  1 Prairie  — Shall  be  upland  and  midland  Prairie  Req  uiremeuts. 
Hay  : good  color,  well  cured,  and  free  from  must. 

No.  2 Prairie — Shall  be  swail  or  slough  Hay,  either  Requirements, 
wholly  or  mixed  with  upland;  good  color,  well  cured, 
and  free  from  must. 

No  Grade  Hay  — All  kinds  of  Hay,  badly  cured.  Hay  out  of 

condition. 

Stained,  or  in  any  way  out  of  condition  ; the  certificate 
of  inspection  stating  whether  it  is  Tame  or  Prairie  Hay. 


All  Hay  that  is  sent  for  inspection  under  the  Rules  of  to  be  classed 

when  received 

the  Board  shall  be  graded,  and  each  separate  bale  marked 
with  its  respective  grade  immediately  when  taken  from 


84 


BOARD  OB  TRADE,  CHICAGO. 


Final 

inspection. 


^ertiticates. 

Fees. 


the  car  in  which  it  is  sent  to  this  city.  The  final  in- 
spection and  plugging,  in  order  to  ascertain  the  sound 
condition  of  each  bale,  can  take  place  at  any  time  sub- 
sequent, or  at  the  time  of  shipment. 

All  certificates  of  inspection  shall  give  the  weight  of 
each  bale  of  Hay  weighed  and  inspected.  The  expenses 
for  inspection  shall  not  exceed  thirty  (30)  cents  per  ton 
of  two  thousand  (2,000)  pounds,  and  shall  be  divided 
equally  between  buyer  and  seller. 


